keb company purchased land at a cost of $650,000. the current fair value of the land is $750,000. the land…

keb company purchased land at a cost of $650,000. the current fair value of the land is $750,000. the land will be reported as an asset on the balance sheet at\n\na $750,000\n\nb $625,000\n\nc $650,000\n\nd $500,000

keb company purchased land at a cost of $650,000. the current fair value of the land is $750,000. the land will be reported as an asset on the balance sheet at\n\na $750,000\n\nb $625,000\n\nc $650,000\n\nd $500,000

Answer

Brief Explanations:

In accounting, land is typically reported on the balance - sheet at its historical cost. The historical cost is the amount paid to acquire the asset. Here, the company purchased the land for $650,000. So, it will be reported at this cost, not at its fair value.

Answer:

C. $650,000