Holly Day Company purchased a piece of land 10 years ago for $63,000. Holly Day company is
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Question:
Holly Day Company purchased a piece of land 10 years ago for $63,000. Holly Day company is considering selling the land. The piece of land was recently appraised for $133,000, they received an offer from a prospective buyer for $118,000, and a similar piece of land 5 blocks away recently sold for $126,000. How much should Holly Day Company report on its balance sheet for the piece of land?
a. $133,000
b. $63,000
c. $126,000
d. $118,000
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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