Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 13

BC and OP are.both private not-for-profit organizations. They are combined to create MN, a private not-for-profit organization with an entirely new board of directors. BC has land with a book value of $300,000 and a fair value of $400,000. OP has land with a book value of $500,000 and a fair value of $550,000. After MN has been formed, what is reported for land
A) $800,000.
B) $850,000.
C) $900,000.
D) $950,000.