Remmers Travel Agency purchased land for 85,000 cash on December 10, 2020. At December 31, 2020, the

Question:

Remmers Travel Agency purchased land for £85,000 cash on December 10, 2020. At December 31, 2020, the land’s value has increased to £93,000. What amount should be reported for land on Remmers’ statement of financial position at December 31, 2020? Explain.

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