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Question (Category: accounting homework)
14. chain co. owned all of the voting common stock of shannon corp. the corporations039 balance sheets dated december 31, 2010, include the following balances for land: for chain--$416,000, and for shannon--$256,000. on the original date of acquisition, the book value of shannon039s land was equal to its fair value. on april 4, 2011, chain sold to shannon a parcel of land with a book value of $65,000. the selling price was $83,000. there were no other transactions which affected the companies039 land accounts during 2010. what is the consolidated balance for land on the 2011 balance sheet? br a. $672,000.br b. $690,000.br c. $755,000.br d. $737,000.br e. $654,000.br div


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