Seinfeld Company Has Land with an Original Cost of $68,000

question 83

Multiple Choice

Seinfeld Company has land with an original cost of $68,000 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, 2010 balance sheet?

• A) $100,000
• B) $81,000
• C) $15,000
• D) $68,000

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