On July 16, 1996, Wyatt Corp. purchased 40 acres of land for $350,000. The land has been

Question:

On July 16, 1996, Wyatt Corp. purchased 40 acres of land for $350,000. The land has been held for a future plant site until the current date, December 31, 2014. On December 18, 2014, TexoPete Inc. purchased 40 acres of land for $2,000,000 to be used for a center. The TexoPete land is located next to the Wyatt Corp. land. Thus, both Wyatt Corp. and TexoPete Inc. own nearly identical pieces of land.
1. What are the valuations of land on the balance sheets of Wyatt Corp. and TexoPete, Inc., using generally accepted accounting principles?
2. How might fair value accounting aid comparability when evaluating these two companies?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...