Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive’s books for $40,000. Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations: a. The preferred stock is currently selling for $110 per share. No appraisal is available on the land. b. The land is appraised at $65,000. There have been no recent sales of the preferred stock. c. The preferred stock is currently selling for $125 per share. The land is appraised at $64,000.

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A: Value of land = $1,200,000

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A: Option C is the Correct Answer i.e  ₱ 1,700,000.

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A:

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A:

Q: What is the consolidated total for inventory at December 31?

A: In Business combination we consolidate both Company's inventory after adjusting any profit.

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A: Journal entries:

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A: A & B :

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.