During 2003, Jeter Company Purchased Property for Its Plant for $90,000

question 82

Essay

During 2003, Jeter Company purchased property for its plant for $90,000. During December of 2018, a similar neighboring plot of land was sold for $120,000. At what amount would land be measured on Jeter Company's December 31, 2018 balance sheet?

---

Definitions:

International Organizations

Entities established by treaties or other agreements between governments that operate across national boundaries to pursue common goals.

International Monetary Fund

An international organization created for the purpose of promoting global monetary cooperation, ensuring financial stability, facilitating international trade, promoting high employment and sustainable economic growth, and reducing poverty around the world.

International Bank for Reconstruction and Development

The International Bank for Reconstruction and Development, part of the World Bank Group, is an international financial institution aimed at reducing poverty by providing loans to developing countries for capital programs.

Lex Mercatoria

A set of legal principles that govern international commercial law and practices, often used to resolve disputes in international commercial arbitration.