Asian Company purchased land for W96,000,000 in 2000.At December 31, 2011, 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 2009.The shares are actively traded on the South Korea Stock Exchange.The fair value of the investment at December 31, 2011 is W66,000,000.The land and investment will be reported on the December 31, 2011 statement of financial position at

Question

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Land is reported at historical cost (W96,000,000) as it is not revalued under typical accounting standards. The investment in shares is reported at fair value (W66,000,000) as it is actively traded.

Asian Company Purchased Land for W96,000,000 in 2000