The Fair Value of Land Owned by a Company Has

question 234

Multiple Choice

The fair value of land owned by a company has increased this year.The journal entry to record this increase in fair value would include:

• A)a credit to Gain on Asset Value Increase.
• B)a debit to Land.
• C)a credit to Non-Impairment of Asset.
• D)nothing;no entry would be made according to GAAP.

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Definitions:

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