Asian Company purchased land for W92,000,000 in 2000. At December 31, 2014, an appraisal determined the fair value of the land is W106,000,000. The company has an investment in the ordinary shares of another company for which it paid W49,000,000 in 2012.The shares are actively traded on the South Korea Stock Exchange. The fair value of the investment at December 31, 2014 is W63,000,000. The land and investment will be reported on the December 31, 2014 statement of financial position at

Question

Quizplus · Accepted Answer

Land is reported at historical cost (W92,000,000) and investments in shares are reported at fair value (W63,000,000) if they are actively traded.

Asian Company Purchased Land for W92,000,000 in 2000