Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
10th Edition
ISBN: 9781337902571
Author: Eugene F. Brigham, Joel F. Houston
Publisher: Cengage Learning
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Transcribed Image Text:Consecutive balance sheets of Crow Ltd showed the following
balances:
30 June 2019 30 June 2018
Land
$850,000
Asset revaluation surplus $150,000
$500,000
During the year ended 30 June 2019, the land was revalued upwards
by $150,000, and $120,000 was borrowed to acquire land.
What was the value of land purchased for cash?
a $270,000
b. $200,000
c. $80,000
d. $355,000
e. $350,000
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