Lange Company purchased land for $75,000 in 2017. In 2019, the land was valued at $93,000....

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Lange Company purchased land for $75,000 in 2017. In 2019, the land was valued at $93,000. The land would appear on the compa

business accounting

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Answer 1

Answer #1

D. $75,000

The historical cost concept requires assets to be shown on the balance sheet at their cost, not their market value. Thus, the land is shown at the amount paid to acquire it $75,000.

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Lange Company purchased land for $75,000 in 2017. In 2019, the land was valued at $93,000....

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