Problem: 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.
Q1. What amount should have been reported for the land on a consolidated balance sheet, assuming the economic unit concept was used?
Q2. What amount should have been reported for the land on a consolidated balance sheet, assuming the proportionate consolidation concept was used?
Q3. What amount should have been reported for the land on a consolidated balance sheet, assuming the parent company concept was used?