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Harrod's Inc. purchased land for 55,000 in 2004. On December 31, 2014, an appraisal determined the fair value of the land is 65,000. If Harrod's

Harrod's Inc. purchased land for 55,000 in 2004. On December 31, 2014, an appraisal determined the fair value of the land is 65,000. If Harrod's follows the historical cast principle, in the 2014 financial statements, the land will be reported at

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