Wilson & Co. owns land which has cost it $100,000. If a quick sale of the land

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Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?

The historical-cost principle
The objectivity principle.
Neither of the above.
Both "a" and "b".

Posted Date: Nov 21, 2021 02:03 PM

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Wilson & Co. owns land which has cost it $100,000. If a quick sale of the land

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