Roberts Construction Group paid $6,000 for a plant asset that had a market value of $10,500.At which of the following amounts should the plant asset be recorded?

Question

Quizplus · Accepted Answer

The plant asset should be recorded at its cost, which is the amount actually paid for it, regardless of its market value. Therefore, the plant asset should be recorded at $6,000.

Roberts Construction Group Paid $6,000 for a Plant Asset That