FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Russell Company acquired land in 2023 for a building site at a cost of $40,000. A building was constructed on the site in 2024. At the company's 12/31/2024 year-end, the assessed valuation of the land for tax purposes is $27,000, a qualified appraiser placed the fair value of the land at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. What value should be reported for the land in the 12/31/2024
Select one:
$46,000
$40,000
$48,000
$27,000
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