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AccountingAccounting (Text Only)26th Edition

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Chapter 1, Problem 6DQ
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 1.1APE
Problem 1.1BPE
Problem 1.2APE
Problem 1.2BPE
Problem 1.3APE
Problem 1.3BPE
Problem 1.4APE
Problem 1.4BPE
Problem 1.5APE
Problem 1.5BPE
Problem 1.6APE
Problem 1.6BPE
Problem 1.7APE
Problem 1.7BPE
Problem 1.8APE
Problem 1.8BPE
Problem 1.1EX
Problem 1.2EX
Problem 1.3EX
Problem 1.4EX
Problem 1.5EX
Problem 1.6EX
Problem 1.7EX
Problem 1.8EX
Problem 1.9EX
Problem 1.10EX
Problem 1.11EX
Problem 1.12EX
Problem 1.13EX
Problem 1.14EX
Problem 1.15EX
Problem 1.16EX
Problem 1.17EX
Problem 1.18EX
Problem 1.19EX
Problem 1.20EX
Problem 1.21EX
Problem 1.22EX
Problem 1.23EX
Problem 1.24EX
Problem 1.25EX
Problem 1.26EX
Problem 1.27EX
Problem 1.1APR
Problem 1.2APR
Problem 1.3APR
Problem 1.4APR
Problem 1.5APR
Problem 1.6APR
Problem 1.1BPR
Problem 1.2BPR
Problem 1.3BPR
Problem 1.4BPR
Problem 1.5BPR
Problem 1.6BPR
Problem 1COP
Problem 1.1CP
Problem 1.2CP
Problem 1.3CP
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
171 views

a Land with an assessed value of $750,000 for property tax purposes is acquired by a business for $900,000. Ten years later, the plot of land has an assessed value of $1,200,000 and the business receives an offer of $2,000,000 for it. Should the monetary amount assigned to the land in the business records now be increased?

b. Assuming that the land acquired in (a) was sold for $2,125,000, how would the various elements of the accounting equation be affected?

(a)

To determine

Cost concept: This is an accounting concept which states that the actual cost paid in receipt of the asset is the reliable measure and hence assets and services should be recorded at actual cost or historical cost.

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a company and claims of resources to creditors and owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners' EquityAssets = Liabilities+{(Owners' investments)+(Owners' withdrawals)+(Revenues)–(Expenses)}

To indicate: If the amount at which the land is recorded should be changed according to the appraised value of land

Explanation
The value of land should not be changed in the business records. The value of land after 10 years shows that the ...

(b)

To determine

To indicate: The effect of sale of land for $2,125,000, on the accounting equation

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Ch-1 P-1DQCh-1 P-2DQCh-1 P-3DQCh-1 P-4DQCh-1 P-5DQCh-1 P-6DQCh-1 P-7DQCh-1 P-8DQCh-1 P-9DQCh-1 P-10DQ
Ch-1 P-1.1APECh-1 P-1.1BPECh-1 P-1.2APECh-1 P-1.2BPECh-1 P-1.3APECh-1 P-1.3BPECh-1 P-1.4APECh-1 P-1.4BPECh-1 P-1.5APECh-1 P-1.5BPECh-1 P-1.6APECh-1 P-1.6BPECh-1 P-1.7APECh-1 P-1.7BPECh-1 P-1.8APECh-1 P-1.8BPECh-1 P-1.1EXCh-1 P-1.2EXCh-1 P-1.3EXCh-1 P-1.4EXCh-1 P-1.5EXCh-1 P-1.6EXCh-1 P-1.7EXCh-1 P-1.8EXCh-1 P-1.9EXCh-1 P-1.10EXCh-1 P-1.11EXCh-1 P-1.12EXCh-1 P-1.13EXCh-1 P-1.14EXCh-1 P-1.15EXCh-1 P-1.16EXCh-1 P-1.17EXCh-1 P-1.18EXCh-1 P-1.19EXCh-1 P-1.20EXCh-1 P-1.21EXCh-1 P-1.22EXCh-1 P-1.23EXCh-1 P-1.24EXCh-1 P-1.25EXCh-1 P-1.26EXCh-1 P-1.27EXCh-1 P-1.1APRCh-1 P-1.2APRCh-1 P-1.3APRCh-1 P-1.4APRCh-1 P-1.5APRCh-1 P-1.6APRCh-1 P-1.1BPRCh-1 P-1.2BPRCh-1 P-1.3BPRCh-1 P-1.4BPRCh-1 P-1.5BPRCh-1 P-1.6BPRCh-1 P-1COPCh-1 P-1.1CPCh-1 P-1.2CPCh-1 P-1.3CP

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