Carey Company buys land for €50,000 on 12/31/10.As of 3/31/11, the land has appreciated in value to €50,700.On 12/31/11, the land has an appraised value of €51,800.By what amount should the Land account be increased in 2011?

Question

Quizplus · Accepted Answer

Land is recorded at historical cost and is not adjusted for changes in market value under generally accepted accounting principles (GAAP).

Carey Company Buys Land for €50,000 on 12/31/10