Answer:
The land should be reported in the financial statements at $41,500
Explanation:
The company will report the asset value in the financial statements as their original purchase price of $40,300. Under Historical cost principle, the price of an asset on the balance sheet is always based on the original cost when the company purchased the asset. It follows the Generally Accepted Accounting Principles (GAAP) which is widely accepted. Therefore the land is reported in the financial statements at its purchase value of $41,500
The answer that best fits the blank provided above is A SUBORDINATED DEBENTURE. Subordinated debenture is also known as subordinated debt. This kind of debt that ranks just below other loans whenever the company files bankruptcy. This is what is received instead of the liquidation proceeds.
Answer:
Industrial Mining
Explanation:
Industrial Mining is the one who is responsible for the damage as the industrial mining is the company who owns the project for drilling in the surface rights and to extract the oil but due to drilling wrongly, it leads to the surface subsides and the structure collapsed where as the Grey is not responsible as it owns the surface rights for the High desert bunch comprise of bunk house and house.
