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What was the value of land purchased for cash

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Reference no: EM132478890

Consecutive balance sheets of Crow Ltd showed the following balances:

                                                     30 June 2019                30 June 2018

Land                                         $850 000                   $500 000

Asset revaluation surplus                $150 000                        -

Question 1: During the year ended 30 June 2019, land was revalued upwards by $150 000 and $120 000 was borrowed to acquire land. What was the value of land purchased for cash?

Select one:

a. $350 000

b. $200 000

c. $270 000

d. $80 000

e. $355 000

Reference no: EM132478890

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