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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

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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 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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