Multiple Choice
In 1960,Johnson Company purchased a building for $100,000.In 2013,a real estate professional says the building has a fair value of $1,000,000.In 2013,a similar building down the street recently sold for $900,000.What value is reported for the building on the balance sheet at December 31,2013?
A) $100,000
B) $550,000
C) $900,000
D) $1,000,000
Correct Answer:
Verified
Correct Answer:
Verified
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