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The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. liability B. contra asset C. book value D. market value Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2019, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash? a $270,000 b. $200,000 c. $80,000 d. $355,000 e. $350,000

The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. liability B. contra asset C. book value D. market value Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2019, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash? a $270,000 b. $200,000 c. $80,000 d. $355,000 e. $350,000

FINANCIAL ACCOUNTING
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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The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. liability B. contra asset C. book value D. market value Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2019, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash? a $270,000 b. $200,000 c. $80,000 d. $355,000 e. $350,000
Transcribed Image Text:The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. liability B. contra asset C. book value D. market value Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2019, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash? a $270,000 b. $200,000 c. $80,000 d. $355,000 e. $350,000
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