Solved: Mickelson inc owns land that it purchased on january 1 2000, Accounting Basics

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Mickelson inc owns land that it purchased on january 1 2000

1. Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2010, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report this asset on its December 31, 2010, balance sheet? Explain.

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Accounting Basics: Mickelson inc owns land that it purchased on january 1 2000

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Accounting Basics: Mickelson inc owns land that it purchased on january 1 2000

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