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What amount should appear on the financial statements

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Problem 1: Domenico Enterprises purchased land for $2,000,000 in 2000. In 2017, an independent appraiser assessed the value at $4,400,000. What amount should appear on the financial statements in 2017 with respect to the land?

a. $2,000,000

b. $2,400,000

c. $4,400,000

d. Whatever amount the company believes is the best indicator of the true value of the land

Reference no: EM132777081

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