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At which amount should the corporation record the building

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Problem - Ten years ago a corporation purchased a building for $110,000. At that time, the corporation felt that the building was worth $135,000. The current market value of the building is $470,000. The building has been assessed at $445,000 for property tax purposes. At which amount should the corporation record the building in its accounting records?

Reference no: EM132898283

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