In 1999,the Denim Company bought land that cost $15,000.In 2013,a similar piece of land was bought for $28,000 and the company's existing land was estimated to be worth $18,000.On the balance sheet at the end of 2013,the land that was purchased in 1999 would be reported at:

Question

Quizplus · Accepted Answer

Land is recorded on the balance sheet at its historical cost, which is the purchase price of $15,000 in 1999, regardless of its current estimated value.

In 1999,the Denim Company Bought Land That Cost $15,000