Olivares Company purchased a building for $7,500,000 in 2012. In December 2019, the appraiser assessed its...

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Answer 1

Answer #1

Ans:

Correct option e. Fair value at measurement date (balance sheet date)

Building should be recorded on fair value; the fair value should reflect the market conditions that exists on balance sheet date – Measurement date.

32 Ans:d.$520,000 is Correct Answer

Explanation:

gross profit= Revenue−Cost of goods sold=995000-475000=520,000

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Answer 2

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