On December 31, 2003, Rudd Company purchased 80 percent of the common stock of Wilton

land will be reported in a consolidated balance sheet at c. $700,000.

Explanation:

The Assets and Liabilities of Wilton Company are acquired at their Fair Value amounts instead of Book Values. Thus, the value of the land will be : $700,00 ($100,000 + $600,000).

Elastic demand means there is a substantial change in quantity demanded when another economic factor changes typically the price of the good or service, whereas inelastic demand means that there is only a slight or no change in quantity demanded of the good or service when another economic factor is changed.

Explanation:

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