COST AND MARKET VALUE. An asset was purchased on October 15, 19x7, for $50,000 cash. On December
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COST AND MARKET VALUE. An asset was purchased on October 15, 19x7, for $50,000 cash. On December 31, 19x7, identical assets were selling for $60,000 cash.
Generally accepted accounting principles require the asset to be reported on the balance sheet at cost until it is sold. In addition, the market value of the asset must be disclosed in notes to the financial statements.
REQUIRED:
1. What is the market value of this asset on October 15, 19x7? What is its market value on December 31, 19x7?
2. What is the cost of this asset on October 15, 19x7? What is its cost on December Si 19x7?
3. What amount will be included in total assets for the asset on the December 31, 19x7 balance sheet? L-1
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