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Wilson Company owns land that cost $100,000. If a "quick sale" of the land was necessary to generate cash, the company feels it would...

This question was answered on Jul 20, 2016. View the Answer

Wilson Company owns land that cost $100,000. If a "quick sale" of the land was necessary to generate cash, the company feels it would receive only $80,000. The company continues to report the asset on the balance sheet at $100,000. Which of the following concepts justifies this?

a. The historical-cost principle.

b. The value is tied to objective and verifiable past transactions.

c. Neither of the above.

d. Both a and b

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This question was asked on Jul 20, 2016 and answered on Jul 20, 2016.

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