Papa company acquired land with an office building on it from its subsidiary, sonny company, for $110,000. prior to the sale, sonny's carrying value of the land was $60,000 and its net carrying value of the building was $50,000. at the time of the transaction, papa appropriately determined that the land had a fair value of $75,000 and the building had a fair value of $35,000. at what amount should the land and building be reported on papa's consolidated statements prepared immediately after the transaction?
land building
a) $75,000 $35,000
b) $55,000 $55,000
c) $60,000 $50,000