Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land has an appraised value of $131100. By what amount should the Land account be increased in 2022? O $0. O $3300. O $10100. O $6800.

Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land has an appraised value of $131100. By what amount should the Land account be increased in 2022? O $0. O $3300. O $10100. O $6800.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land
has an appraised value of $131100. By what amount should the Land account be increased in 2022?
$0.
$3300.
$10100.
$6800.

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