QUESTION 13 Nim Com Soup, Inc., purchased land at a cost of $7,000 five years ago. Currently, the land is estimated to be worth $38,000. At what amount should the land be reported on Nim Com Soups' balance sheet at year end?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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QUESTION 13
Nim Com Soup, Inc., purchased land at a cost of $7,000 five years ago. Currently, the land is estimated to be worth $38,000. At what amount should the land be reported on Nim Com Soups' balance sheet
at year end?
Transcribed Image Text:QUESTION 13 Nim Com Soup, Inc., purchased land at a cost of $7,000 five years ago. Currently, the land is estimated to be worth $38,000. At what amount should the land be reported on Nim Com Soups' balance sheet at year end?
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