In 1960,Johnson Company Purchased a Building for $100,000

question 148

Multiple Choice

In 1960,Johnson Company purchased a building for $100,000.In 2013,a real estate professional says the building has a fair value of $1,000,000.In 2013,a similar building down the street recently sold for $900,000.What value is reported for the building on the balance sheet at December 31,2013?

• A)$100,000
• B)$550,000
• C)$900,000
• D)$1,000,000

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Definitions:

Laryngectomy

Surgical removal of the larynx or voice box.

Larynx

The voice box located in the throat, responsible for producing sound.

Surgical Removal

The process of excising or taking out a body part or tissue through surgery.

Metrorrhagia

Abnormal bleeding from the uterus not associated with menstruation.