Explain what amount should be reported for land on karen

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Reference no: EM13124887

Karen Sommers' Travel Agency purchased land for $90,000 cash on December 10, 2010. At December 31, 2010, the land's value has increased to $93,000. What amount should be reported for land on Karen Sommers's balance sheet at December 31, 2010? Explain.

Reference no: EM13124887

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