For Each Financial Statement Item Listed in 1 Through 5

Essay

For each financial statement item listed in 1 through 5 below, identify at which financial statement valuation (listed in a through g) the item should be reported. You may use each letter more than once or not at all.
Financial Statement Valuations
a. Present value
b. Fair market value
c. Original cost
d. Original cost less accumulated depreciation
e. Lower of cost or market
____ 1. Inventory
____ 2. Plant and equipment (book value)
____ 3. Land used for plant site
____ 4. Current liabilities
____ 5. Long-term notes receivable