Question
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
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?
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Internal Auditing Assurance And Consulting Services
Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman
1st Edition
0894136100, 978-0894136108
