Solved: What amount should be reported for land on karen sommerss, Accounting Basics

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What amount should be reported for land on karen sommerss

1. Karen Sommers Travel Agency purchased land for $90,000 cash on December 10, 2010. At December 31, 2010, the land's value has increased to $93,000. What amount should be reported for land on Karen Sommers's balance sheet at December 31, 2010? Explain.

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Accounting Basics: What amount should be reported for land on karen sommerss

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