Land Was Acquired in 2013 for a Future Building Site

question 13

Multiple Choice

Land was acquired in 2013 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:

Identical Twins

Twins that develop from a single fertilized egg, sharing 100% of their genetic material and often used in studies to explore the nature vs. nurture debate.

Gray Matter

A major component of the central nervous system, consisting of neuronal cell bodies, dendrites, and unmyelinated axons, associated with processing and cognition.

Dizygotic Twins

Also known as fraternal twins, they are siblings born at the same time as a result of two different eggs being fertilized by two different sperm, sharing about 50% of their DNA.

Monozygotic Twins

Twins that originate from a single fertilized egg, making them genetically identical.