On January 1, a Company Purchased Land with a Usable

question 62

Multiple Choice

On January 1, a company purchased land with a usable building on it for $270,000. At the time of purchase, the fair market values of the land and building were $120,000 and $200,000, respectively. The gain from the purchase of the land and building is:

• A) $0.
• B) $50,000.
• C) $80,000.
• D) $320,000.

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Definitions:

Professional Value

Ethical standards and principles that guide the behavior and decision-making process of individuals within a particular profession.

American Association

An organization or group in the United States dedicated to a specific cause, profession, or field of interest, without enough context to specify which association.

Colleges of Nursing

Colleges of Nursing are educational institutions dedicated to teaching the science and practice of nursing, offering various degrees and certifications in the nursing field.

Confidentiality

The ethical principle or legal right that a physician or other healthcare provider will hold secret all information relating to a patient, unless the patient gives consent permitting disclosure.