Question
A company has the following account balances at December 31, 2022: Cash surrender value of life insurance 70,000 Franchise 200,000 Land 150,000 The company currently
A company has the following account balances at December 31, 2022:
| Cash surrender value of life insurance | 70,000 |
| Franchise | 200,000 |
| Land | 150,000 |
The company currently leases a building for operations. The land was purchased to construct a building in the future.
What amount should the company report as long-term investments on the December 31, 2022 classified balance sheet?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
