Which of the following is an example of proper accounting when it comes to reporting amounts on a company's balance sheet?   Multiple Choice   X Company reported its land at the amount it could be sold for on the balance sheet date, which is higher than the original cost of the land.   X Company reported its damaged equipment at an amount lower than it originally cost.   X Company reported its inventory at its current market value, which is higher than its original cost.   X Company included the amount owed to suppliers in its notes receivable at the amount owed on the balance sheet date.

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A: Production cost refers to the expenses involved while producing a certain product.

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