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6. Benton Travel Agency purchased land for $90,000 cash on December 10, 2020. At December 31, 2020, the land's value has increased to $92,000.

6. Benton Travel Agency purchased land for $90,000 cash on December 10, 2020. At December 31, 2020, the land's value has increased to $92,000. What amount should be reported for land on Benton's balance sheet at December 31, 2020? Explain. 7. What is the monetary unit assumption? 8. What is the economic entity assumption? 9. What are the three basic forms of business organizations for profit- oriented enterprises?

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