On January 1, 20X9, Heathcliff Corporation Acquired 80 Percent of Garfield

Multiple Choice

On January 1, 20X9, Heathcliff Corporation acquired 80 percent of Garfield Corporation's voting common stock. Garfield's buildings and equipment had a book value of $300,000 and a fair value of $350,000 at the time of acquisition.
-Based on the preceding information,what will be the amount at which Garfield's buildings and equipment will be reported in consolidated statements using the current accounting practice?

A) $350,000
B) $340,000
C) $280,000
D) $300,000