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13) XYZ Company purchased 100 acres of land in downtown Miami in 1865 for $12,000. The company has hired an appraiser who values the property at $120 million on December 31, 2017. What is the value at which it appears on the balance sheet on December 31, 2017? (a) Why not show this on the balance sheet at market value? (b) What if downtown Miami is an undesirable place and the market value of the property is no more than $1,000 on December 31, 2017? -)IBM purchased 100,000 shares of Microsoft for $1 million on 1/1/1978. Microsoft shares were trading at $74 a share on December 31, 2017. What will be the value of the Microsoft investment on IBM's Balance Sheet on 12/31/2017? Why? On 12/31/2017 XYZ Company pays rent of $12,000, which is the rent for the three- month period beginning on January 1, 2018. What will be the value of the prepaid asset shown on the company's balance sheet as of December 31, 2017