In 2014, Parker Company purchased land for $115,000 at a time when the land was appraised at $120,000. In 2017, Parker Company had the land appraised, and its value was estimated to be $210,000. Also during 2017, another company offered Parker $175,000 for the parcel of land. When the balance sheet is prepared at the end of 2017, at what dollar amount should the land be reported? $115.000 $120,000 $175,000 Ⓒ$210,000
In 2014, Parker Company purchased land for $115,000 at a time when the land was appraised at $120,000. In 2017, Parker Company had the land appraised, and its value was estimated to be $210,000. Also during 2017, another company offered Parker $175,000 for the parcel of land. When the balance sheet is prepared at the end of 2017, at what dollar amount should the land be reported? $115.000 $120,000 $175,000 Ⓒ$210,000
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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