In 1998,Parker Corporation Purchased Land for $130,000

question 98

Multiple Choice

In 1998,Parker Corporation purchased land for $130,000.In 2010,Parker Company had the land appraised,and its value was estimated to be $190,000.Also during 2010,another company offered Parker $145,000 for the parcel of land.When the balance sheet is prepared at the end of 2010,at what dollar amount should the land be reported?

• A) $190,000
• B) $145,000
• C) $130,000
• D) None of these

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Definitions:

Parent Atoms

The original atoms that undergo radioactive decay, transforming into different daughter atoms as a result of the process.

Reactive Changes

Adjustments or modifications made in response to external forces or challenges faced by an organization.

Organization

An arranged group of people with a particular purpose, such as a business or government department.

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