Multiple Choice
The fair value of land owned by a company has increased this year.The journal entry to record this increase in fair value would include:
A) a credit to Gain on Asset Value Increase.
B) a debit to Land.
C) a credit to Non-Impairment of Asset.
D) nothing;no entry would be made according to GAAP.
Correct Answer:
Verified
Correct Answer:
Verified
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