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Minden Company purchased a piece of land in 2008 for $120,000. At the end of 2013 the land was appraised and valued at $200,000. In 2014, due to water quality issues Minden Company sold the land for $55,000. On its 2014 income statement and statement of cash flows how should the company record this sale transaction.
Agency Law
The area of law that deals with the relationship between agents and principals, including the duties and rights that arise from such relationships.
State Laws
Statutes and regulations enacted by state legislatures that govern matters not exclusively reserved to the federal government.
Federal Laws
Laws established by the national government of a country that apply throughout the country and override local and state laws.
Agents
Individuals or entities authorized to act on behalf of others in transactions or negotiations.
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