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Which of the following is an appropriate application of the cost principle regarding land that was purchased 2 0 years ago and has increased in
Which of the following is an appropriate application of the cost principle regarding land that was purchased years ago and has increased in value?
Multiple choice question.
The land is reported on the balance sheet at its current value
The land is reported on the balance sheet at the original price paid for it
The land is not reported on the balance sheet because it was paid for too many year ago
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Financial Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
3rd Edition
0471372668, 978-0471372660
