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At what amount should the land be carried on jaxs books

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Eight years ago, Jax Company purchased land for $170, 000. The current fair market value of the land is $421,000. The rate of general inflation experienced during the 8-year period has averaged 10% per year.

At the time the land was purchased, Jax intended to hold it for 20 years. At what amount should the land be carried on Jax's books today?

Reference no: EM132316124

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