Answered

Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Beverly Dalton incorporated her CPA practice 5 years ago. At that time, the corporation purchased land for $40,000. The December 31 of the current year, the market value of the land is $85,000. On the balance sheet for December 31 of the current year, the asset should be reported at ________ under U.S. GAAP.

Sagot :

Parrain

Based on the provisions of U.S. GAAP, the asset owned by the CPA practice should be reported at $40,000.

What does U.S. GAAP say?

U.S. GAAP states that assets should be recorded at cost value in the balance sheet.

The land should therefore be recorded at the cost price of $40,000 that the CPA practice bought it at five years ago.

In conclusion, the asset should be reported at $40,000.

Find out more on U.S. GAAP at https://brainly.com/question/17895474.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.