Land Was Acquired in 2009 for a Future Building Site

question 62

Multiple Choice

Land was acquired in 2009 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:

• A)$40,000.
• B)$27,000.
• C)$46,000.
• D)$48,000.

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Definitions:

ESP

Extrasensory perception, the ability to gain information about an object, person, location, or physical event through means other than the known human senses.

Phantom Limb

A phenomenon in which individuals experience sensations, including pain, in a limb that has been amputated.

Clairvoyance

The supposed ability to gain information about an object, person, location, or physical event through extrasensory perception.

Psychokinesis

The purported psychic ability to move or manipulate objects with the mind without physical interaction, widely regarded as pseudoscience.