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.

---

Definitions:

Document Window

The area in a software application where the current document or file is displayed and interacted with.

Print Layout

A viewing mode in word processors that shows how the document will appear when printed.

User Account

A personalized profile within a computer or online system that allows access to personal settings and files, usually protected by a password.

Log-in Name

The username or identifier that a person uses to access a computer, network, or online account.