Question ) 10 Multiple Chouces - Put the answer in the proved decide to change your answer ensure that your correct and clearly A company purchased land for $350 000 cash The real estate broer and 535,000 was spent for demolishing an old building on the land before contro building could start Under the historical cost principle, the cost of land is a $385.000 b S350.000 $375,000 d. S410,000 Liabilities are classified as current or long-term based on their a description b. payment terms due date d. amount. C. When stock is issued in exchange for a noncash asset, the value recorded for the shares issued is best determined by a. the book value of the noncash asset. b. the market value of the shares. C. the par value of he shares d. the contributed capital of the shares. The statement of cash flows a. must be prepared on a daily basis. b. summarizes the operating, financing, and investing activities of an entity. C. is another name for the income statement. d. is a special section of the income statement