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?

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?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 14RE: (Appendix 11.1) Auburn Company purchased an asset on January 1, Year 1, for 150,000. The asset has a...

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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?

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