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Remmers Travel Agency purchased land for 85,000 cash on December 10, 2020. At December 31, 2020, the lands value has increased to 93,000. What amount should be reported for land on Remmers statement of financial position at December 31, 2020? Explain.

Chapter 1, Questions #6

Remmers Travel Agency purchased land for £85,000 cash on December 10, 2020. At December 31, 2020, the land’s value has increased to £93,000. What amount should be reported for land on Remmers’ statement of financial position at December 31, 2020? Explain.

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Related Book For answer-question
Financial Accounting with International Financial Reporting Standards

Financial Accounting with International Financial Reporting Standards

4th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-1119504306

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