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Eight years ago, Jax Company purchased land for $170, 000.The current fair market value of the land is $421,000.The rate of general inflation experienced during

Eight years ago, Jax Company purchased land for $170, 000.The current fair market value of the land is $421,000.The rate of general inflation experienced during the 8-year period has averaged 10% per year.At the time the land was purchased, Jax intended to hold it for 20 years.At what amount should the land be carried on Jax's books today?

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