Land costing $60,000 was appraised at $90,000. Scott suggests the following journal entry. Land 30,000 Gain on Appreciation of Land 30,000.

For the transaction, indicate why you disagree. Identify the accounting principle or assumption that Scott would be violating if his suggestion was used. Prepare the correct journal entry for the transaction, if any.

Answer rating: 100% (QA)

disagree with Scotts suggested journal entry because it does not accurately reflect the transaction ... View the full answer