Entity E purchased vacant land for $120,000, years ago but the land has increased in value to $500,000 given a scarcity of suitable commercial building sites. At what value should the land appear in Entity E's accounting records? O $380,000 O $500,000 O $120,000 O $620,000 QUESTION 32 Entity J uses US GAAP and the direct method for operating activities in its statement of cash flows. For the following item, indicate on which financial statement, it would appear. Other expenses and losses. O Multi-step income statement Classified balance sheet Retained earnings statement Statement of cash flows Not on any financial statement