=+On August 16, 1995, Parson Corp. purchased 20 acres of land for $300,000. The land has been

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=+On August 16, 1995, Parson Corp. purchased 20 acres of land for $300,000. The land has been held for a future plant site until the current date, December 31, 2010. On December 5, 2010, Mobile Air, Inc., purchased 20 acres of land for $2,000,000 to be used for a distribution center. The Mobile Air land is located next to the Parson Corp. land. Thus, both Parson Corp. and Mobile Air, Inc., own nearly identical pieces of land.

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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