_____ on 6/1/04, Pix Bought 30% of the Outstanding Common

Multiple Choice

_____ On 6/1/04, Pix bought 30% of the outstanding common stock of Stix. On 3/31/06, Pix bought the remaining 70% of the outstanding common stock of Stix. Pertinent data follows:
Under the step-by-step method, what amount would be reported for land in the consolidated balance sheet at 3/31/06?

A) $240,000
B) $260,000
C) $281,000
D) $290,000
E) None of the above.