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.

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  $70,000B  $75,000C  $85,000D  $92,500E  $100,000