Homework Answers
Calculation of value of land purchased during the year
| Land, June 30, 2019 | 850,000 |
| Less: Land, June 30, 2018 | - 500,000 |
| Less: Asset revaluation surplus | - 150,000 |
| Value of land purchased during the year | $200,000 |
During the year, $120,000 was borrowed to acquire land.
Land purchased for cash = Value of land purchased during the year - Value of land acquired by taking borrowings
= 200,000 - 120,000
= $80,000
Correct option is (c)
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