Busy Beaver,Inc.purchased land ten years ago for $30,000.At December 31,2012,similar land has been appraised at $50,000.Answer the following questions:
1.At what amount should land be reported on the balance sheet under U.S.GAAP?
2.Which basis is more reliable,historical cost,$30,000,or fair market value,$50,000?
3.Which basis is more relevant,historical cost,$30,000,or fair market value,$50,000?
4.How might the land be reported using IFRS?

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The Answer of Busy Beaver,Inc.purchased land ten years ago for $30,000.At December 31,2012,similar land has been appraised at $50,000.Answer the following questions:
1.At what amount should land be reported on the balance sheet under U.S.GAAP?
2.Which basis is more reliable,historical cost,$30,000,or fair market value,$50,000?
3.Which basis is more relevant,historical cost,$30,000,or fair market value,$50,000?
4.How might the land be reported using IFRS?