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What value should the land be recorded at

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Question

A business purchases an acre of land for $5,000. The current market value is $5,550, and the land was assessed for property tax purposes at $5,250. What value should the land be recorded at, and which accounting principle supports your answer?

The response paper should be in APA format, double spaced, hand-written, numbered pages, with a cover page and references.

Reference no: EM132324843

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