On December 31,20X9,Rudd Company Acquired 80 Percent of the Common

Multiple Choice

On December 31,20X9,Rudd Company acquired 80 percent of the common stock of Wilton Company.At the time,Rudd held land with a book value of $100,000 and a fair value of $260,000; Wilton held land with a book value of $50,000 and fair value of $600,000.Using the parent company theory,at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?

A) $550,000
B) $590,000
C) $700,000
D) $860,000