Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 33

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.