Seinfeld Company Has Land with an Original Cost of $70,000

question 11

Multiple Choice

Seinfeld Company has land with an original cost of $70,000 and a fair market value of $81,000. Seinfeld has considered selling its business next year and listing the land with a realtor for $100,000. At what amount would land be measured on the December 31, 2018 balance sheet?

• A)$100,000
• B)$81,000
• C)$15,000
• D)$70,000