In Year 2, the Denim Company bought an acre of land that cost $15,100. In Year...
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In Year 2, the Denim Company bought an acre of land that cost $15,100. In Year 5, another company purchased a nearby acre of land for $28,100 and a different company purchased another nearby acre of land for $26,100. As a result, an appraiser estimated that the acre owned by Denim had increased in value to $27,100. If Denim prepares a balance sheet at the end of Year 5, the acre of land that it owns should be reported at: |
$26,100.
The average of all of the amounts.
$28,100.
$15,100.
Homework Answers
Ans is D $15,100
Explanation: As per the accounting principal assets are always reported at their historical cost less any applicable depreciation. In case of Land depreciation is not applicable so it will be shown in the balance sheet at their purchase cost of $15,100. Its appraised value has no relevance in recording the assets in balance sheet. It is useful only at the time of sale for determination of appropriate sale price.
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