Lewis Company was formed on January 1, 2007. Selected balances from the historical cost balance sheet at December 31, 2007 follow:

The general purchasing-power index was 100 when the debt was issued and the land and bonds were purchased: it was 110 at December 31, 2008.
Required:
In a general price-level accounting balance sheet at December 31, 2008, at what amounts should the land, investment, and long-term debt be shown?

Transcribed Image Text:

Land (purchased in 2007) Investment in nonconvertible bonds (purchased in 2007 and expected to be held to maturity) Long-term debt $120,000 60,000 80,000