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At what amount sarasota report land on its balance sheet

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Question - Sarasota Co. purchased land in 1952 for $200,000. They paid $25,000 as a down payment and borrowed the remaining $175,000. The land was appraised most recently in 2010 at $800,000. Sarasota believes that at December 31, 2012, the land is worth $1,200,000. At what amount should Sarasota report the land on its balance sheet at December 31, 2013?

A. $1,200,000

B. $800,000

C. $25,000

D. $200,000

E. None of the above

Reference no: EM132093671

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