The Superior Company acquired a building for

$500,000

. The building was appraised at a value of

$575,000

. The seller had paid

$30

the building 6 years ago. Which accounting principle would require Superior to record the building on its records at

$50$,000

?

The Superior Company acquired a building for $500,000. The building was appraised at a value of $575,000. The seller had paid $30 the building 6 years ago. Which accounting principle would require Superior to record the building on its records at $50$,000