Fine Co. issued its common stock in exchange for the common stock of Dandy Corp. in an acquisition. At the date of the combination, Fine had land with a book value of $480,000 and a fair value of $620,000. Dandy had land with a book value of $170,000 and a fair value of $190,000.Required:What was the consolidated balance for Land in a consolidated balance sheet prepared at the date of the acquisition combination?

Consolidated Balance

The combined balance sheets of a parent company and its subsidiaries, providing a complete picture of the financial condition of the entire group.

Common Stock

A type of equity security that represents ownership in a corporation, with holders usually having voting rights to elect the board members.

Book Value

The amount of an asset's value as recorded in the company's books, representing its initial cost minus any depreciation, amortization, or impairment costs.