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Harper 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 Harper's balance sheet at December 31, 2020? Explain.

Harper 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 Harper's balance sheet at December 31, 2020? Explain.

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...

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Harper Travel Agency should report the land at $85,000 …View the full answer


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Financial and Managerial Accounting

Financial and Managerial Accounting

ISBN: 978-1119392132

3rd edition

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

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Question Details
Chapter # 1
Section: Questions
Problem: 6
Posted Date: February 13, 2020 05:33:27
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