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Suppose you are consoring the purchase of a building The seer is asking 290 000 for a bulling that cost her $165,000 An appra
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Answer #1

The dollar amount for the building to be reported on your financial statements : $ 275,000.

The accounting assumption or principle which guides the answer is : The historical cost principle.

The historical cost principle states that businesses must record and account for assets at their purchase price ( original cost). In other words, an asset is to be reported on the balance sheet for the amount paid or agreed to be paid for the asset

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