Beverly Dalton Incorporated Her CPA Practice in 2013

question 133

Multiple Choice

Beverly Dalton incorporated her CPA practice in 2013. At that time, the corporation purchased land for $29,000. The December 31, 2019 market value of the land is $85,000. On the December 31, 2019 balance sheet, this asset should be reported at ________ under U.S. GAAP and at ________ under international reporting standards.

• A) $29,000; $29,000
• B) $85,000; $85,000
• C) $29,000; $85,000
• D) $85,000; $29,000