The Superior Company Acquired a Building for $500,000

Multiple Choice

The Superior Company acquired a building for $500,000.The building was appraised at a value of $575,000.The seller had paid $300,000 for the building 6 years ago.Which accounting principle would require Superior to record the building on its records at $500,000?

A) Monetary unit assumption.
B) Going-concern assumption.
C) Cost principle.
D) Business entity assumption.
E) Revenue recognition principle.