Hyundai inc.purchased land for W122,000,000 in 2002.At December 31,2011, an appraisal determined the fair value of the land is W136,000,0000.If Hyundai follows the cost principle, the land will be reported on the statement of financial position at

Question

Quizplus · Accepted Answer

Under the cost principle, assets are recorded and reported at their original purchase cost, not their current market value. Therefore, the land will be reported at W122,000,000.

Hyundai Inc