During January of 2018, Barry Corporation purchased five acres of land for cash of $120,000 from Foley Company. On December 31, 2018, after Barry built its plant, it was estimated that the land's fair market value was $140,000. At what amount would land be measured on Barry's December 31, 2018 balance sheet?

Question

Quizplus · Accepted Answer

The Answer of During January of 2018, Barry Corporation purchased five acres of land for cash of $120,000 from Foley Company. On December 31, 2018, after Barry built its plant, it was estimated that the land's fair market value was $140,000. At what amount would land be measured on Barry's December 31, 2018 balance sheet?

During January of 2018, Barry Corporation Purchased Five Acres of Land