Land was acquired in 2021 for a future building site at a cost of $40,400. The assessed valuation for tax purposes is $27,300, a qualified appraiser placed its value at $50,000, and a recent firm offer for the land was for a cash payment of $44,700. The land should be reported in the financial statements at:
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Land was acquired in 2021 for a future building site at a cost of $40,400. The assessed valuation fo...
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