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1.Land was acquired in 2022 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified
1.Land was acquired in 2022 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:
$40,000.
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$27,000.
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$46,000.
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$48,000. |
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