Bennet recently had the land that was held for future use, Accounting Basics

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Bennet recently had the land that was held for future use

Question: Bennet recently had the land that was held for future use appraised and determined that its fair value was $80,000. Bennet reported this land on its books at its original purchase price of $55,000. What principle, constraint or assumption did Bennet apply or violate by reporting the land at this amount?

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Accounting Basics: Bennet recently had the land that was held for future use

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Accounting Basics: Bennet recently had the land that was held for future use

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