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Which amount should the company record the land

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Problem 1: Several ago a company purchased land for $75,000. The value of the land increased quickly because of development in the area. An appraiser has determined the current market value of the land is $200,000. The land has been assessed at $150,000 for real estate tax purposes. At which amount should the company record the land in its accounting? records?

Option 1: $150,000
Option 2: $200,000
Option 3: $75,000
Option 4: $0, land is not a depreciable asset

Reference no: EM132911540

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