When Jolt Co. acquired 75% of the common stock of Yelts Corp. Yelts owned land with a book value of $70,000 and a fair market value of $100,000.
What amount should have been reported for the land on a consolidated balance sheet, assuming the Economic Unit Concept was used?
A $70,000
B $75,000
C $85,000
D $92,500
E $100,000