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Mason Inc. recently received at $15,000 land from the City of Corona as an inducement to locate its business in Corona. The appraised value of
Mason Inc. recently received at $15,000 land from the City of Corona as an inducement to locate its business in Corona. The appraised value of the land is $30,000. The company made no entry to record the land because it had no cost basis. Using financial accounting standards, discuss the correctness of this treatment. If you believe an entry should have been made, prepare that entry and discuss why. Expert Answer
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