Choose the correct. Mittelstaedt, Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $212,000 but had a fair value of $549,000 at the acquisition...

Choose the correct. Mittelstaedt, Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $212,000 but had a fair value of $549,000 at the acquisition date. What value should

be attributed to this land in a consolidated balance sheet at the date of takeover?
a. $549,000
b. $337,000
c. $127,200
d. $421,800