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Varal Co. is a retailer of furniture with annual sales revenue of $2,500,000. When Varal Co. prepared its financial statements, it showed the cost of

Varal Co. is a retailer of furniture with annual sales revenue of $2,500,000. When Varal Co. prepared its financial statements, it showed the cost of land the company owned as $500,000. The resale value is $600,000. Varal Co. should ____________.

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