Beverly Dalton started her business as a sole proprietorship.At that time,the business purchased land for $51,000.The December 31,2019 market value of the land is $92,000.On the December 31,2019 balance sheet,this asset should be reported at ________ under U.S.GAAP and at ________ under international reporting standards.
A) $51,000; $51,000
B) $92,000; $92,000
C) $51,000; $92,000
D) $92,000; $51,000

Question

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The Answer of Beverly Dalton started her business as a sole proprietorship.At that time,the business purchased land for $51,000.The December 31,2019 market value of the land is $92,000.On the December 31,2019 balance sheet,this asset should be reported at ________ under U.S.GAAP and at ________ under international reporting standards.
A) $51,000; $51,000
B) $92,000; $92,000
C) $51,000; $92,000
D) $92,000; $51,000

Beverly Dalton Started Her Business as a Sole Proprietorship