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Nutka1998 [239]
3 years ago
13

Land was acquired in 2018 for a future building site at a cost of $40,000.

Business
1 answer:
maw [93]3 years ago
3 0

Answer:

(A) $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $40,000. Moreover, for the tax purpose, the land is valued at $27,000 and the qualified appraiser appraise the value at $48,000. The cash payment is also offered for $46,000

But at the time of recording or reported, the balance sheet would show at the purchase price i.e $40,000

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