Land is reported on the statement of financial position at its cost less accumulated depletion, or at its fair value, whichever is higher.

Name: Land is reported on the statement of financial position at its cost less accumulated depletion, or at its fair value, whichever is higher.
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Question

Quizplus · Accepted Answer

Land is reported on the statement of financial position at its historical cost and is not subject to depreciation or depletion. It is not adjusted for fair value unless impaired.

Land Is Reported on the Statement of Financial Position at Its