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Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corp purchased an office building for 35,000 that
Lorna Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corp purchased an office building for 35,000 that her real estate agent said was worth 50,000 in current market. The corp recorded it as 50,000 asset building. What concept or principle of accounting is being violated?
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