Winged Wheel Garage, Inc , purchased a parcel of land on January 3, 2012, for $50,000 Its market value at the end of 2012 was $55,000 Requirements 1 Using the U S GAAP cost principle, at what value would the land be reported on the balance sheet as of January 3, 2012 What value would the land be re...

Req 1 Under the US GAAP the land would be reported on the balance s ...

Winged Wheel Garage, Inc., purchased a parcel of land on January 3, 2012, for $50,000. Its market

Question:

Winged Wheel Garage, Inc., purchased a parcel of land on January 3, 2012, for $50,000. Its market value at the end of 2012 was $55,000.
Requirements
1. Using the U.S. cost principle, at what value would the land be reported on the as of January 3, 2012? What value would the land be reported at on the December 31, 2012, Using IFRS, at what value would the land be reported on the as of January 3, 2012? What value would the land be reported at on the December 31, 2012, GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...