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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.

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