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Savings Mart is a national retail chain. To entice the company to open a mega store in its jurisdiction, the city of Populationville donated a
Savings Mart is a national retail chain. To entice the company to open a mega store in its jurisdiction, the city of Populationville donated a 20-acre tract of land to be used for construction. The land was originally purchased by the city for $250,000 three years ago. The appraisal value at the time of the donation was $300,000. For what amount should Savings Mart record the donated land?
A. $250,000
B. $275,000
C. $300,000
D. $0. Domated assets are not recorded
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