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1. Karen Sommers Travel Agency purchased land for $90,000 cash on December 10 , 2020. At December 31,2020 , the land's value has increased to

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1. Karen Sommers Travel Agency purchased land for $90,000 cash on December 10 , 2020. At December 31,2020 , the land's value has increased to $93,000 in the market. What amount should be reported for land on Karen Sommers's balance sheet at December 31,2020 ? Explain why. (20 points)

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