Question
30) The fair value of land owned by a company has increased this year. The journal entry to record this increase in fair value would
30)
The fair value of land owned by a company has increased this year. The journal entry to record this increase in fair value would include:
A) a credit to Gain on Asset Value Increase.
B) a debit to Land.
C) a credit to Non-Impairment of Asset.
D) nothing; no entry would be made according to GAAP.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Audit And Assurance Q And A 2019
Authors: ACA Simplified
1st Edition
1792949863, 978-1792949869
