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Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2009 30 June 2008 Land $890,000 $560,000 Asset revaluation surplus $155,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?

Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2009 30 June 2008 Land $890,000 $560,000 Asset revaluation surplus $155,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
10th Edition
ISBN:9781337902571
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 12P
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Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2009 30 June 2008 Land $890,000 $560,000 Asset revaluation surplus $155,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?
Transcribed Image Text:Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2009 30 June 2008 Land $890,000 $560,000 Asset revaluation surplus $155,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?
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