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Turner and Plaster: Consolidated balance of the Building account

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On January 1, 2009, Turner Inc. reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540,000 on that date for a 90 percent ownership in Turner. On December 31, 2011, Turner reports a Building account of $182,000 while Plaster reports a Building account of $510,000. What is the consolidated balance of the Building account?

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The expert examines consolidated balance of the building accounts for Turner and Plaster.

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Assumption: Straight line depreciation
Fair value in ...

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