A Parcel of Corporate Land Was Recently Dedicated as the New

question 25

Multiple Choice

A parcel of corporate land was recently dedicated as the new plant site.What cost allocation should the land receive,based on the following: original cost of $200,000,market value of $300,000,net book value of $200,000,a recent offer to purchase for $250,000.

• A) $200,000
• B) $250,000
• C) $275,000
• D) $300,000

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Definitions:

Diversity of Citizenship

A condition for federal court jurisdiction where the parties involved are citizens of different U.S. states or a foreign country.

Federal Court

Courts of limited jurisdiction that hear cases involving federal laws, interstate matters, and other cases as authorized by the Constitution.

State Law

Laws that are enacted and enforced by individual states within the United States, addressing matters not specifically covered by federal law.

Diversity-of-Citizenship

Diversity-of-Citizenship is a legal concept in U.S. federal court jurisdiction, referring to cases where parties are citizens of different U.S. states or a foreign country.