What is the consolidated balance for land


Shannon Co. owned all of the voting common stock of Chain Corp. The corporations' balance sheets dated December 31, 2005, include the following balances for land: for Shannon--$416,000, and for Chain--$256,000. On the original date of acquisition, the book value of Chain's land was equal to its fair market value. On April 4, 2006, Shannon sold to Chain a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?

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Accounting Basics: What is the consolidated balance for land
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