The land that Martin Company paid $86,000 to purchase in the prior year had an appraised market value of $122,000 at the end of the current reportin period. Which of the following shows how the change in market value will affect the company's accounting equation? The letters "NA" indicate that the component of the equation is not affected. Assets $ 86,000 $ 36,000 = ΝΑ = A. B. C. D. $ 122,000 = Liabilities ΝΑ ΝΑ ΝΑ Multiple Choice = m ΝΑ + + + + + Common Stock ΝΑ ΝΑ ΝΑ ΝΑ + + + + Retained Earnings $ 86,000 $36,000 ΝΑ $ 122,000

The land that Martin Company paid $86,000 to purchase in the prior year had an appraised market value of $122,000 at the end of the current reportin period. Which of the following shows how the change in market value will affect the company's accounting equation? The letters "NA" indicate that the component of the equation is not affected. Assets $ 86,000 $ 36,000 = ΝΑ = A. B. C. D. $ 122,000 = Liabilities ΝΑ ΝΑ ΝΑ Multiple Choice = m ΝΑ + + + + + Common Stock ΝΑ ΝΑ ΝΑ ΝΑ + + + + Retained Earnings $ 86,000 $36,000 ΝΑ $ 122,000

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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