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harkovskaia [24]
2 years ago
13

Land was acquired in 2021 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a

qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:
Business
1 answer:
Aleks [24]2 years ago
8 0

Answer:

The land should be reported in the financial statements at $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 and moreover, it is assessed for the tax purpose for $27,000 and by other appraisers it was valued at $48,000 plus there is an offer of cash payment for $46,000

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

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Learn more about Marxist-socialist tenets here

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7 0
1 year ago
Help pls
Gwar [14]

Answer:

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now i hope this helps you

3 0
2 years ago
________ is the process of distributing indirect costs to products. cost allocation job cost recording cost pooling cost tracing
tatuchka [14]
I believe the answer is cost allocation.
3 0
2 years ago
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slavikrds [6]

Answer:

A. Political

Explanation:

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E - Environmental

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8 0
3 years ago
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Kobotan [32]

Answer:

b. number of days' sales in inventory

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3 years ago
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