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39. Dab Company buys land for $40,000 on December 31, 2015. As of March 31, 2016, the land has increased in value to $41,000. On

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39. Dab Company buys land for $40,000 on December 31, 2015. As of March 31, 2016, the land has increased in value to $41,000. On December 31,2016 (the end of the fiscal year), the land has an appraised value of $44,000. At what amount should the land be reported on the balance sheet at December 31, 2016? a. $40,000 b. $41,000 c. $44,000 d. $0 e. None of the above

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