when phil lists his house on his personal balance sheet, he should record the _____________.\n○ sale…

when phil lists his house on his personal balance sheet, he should record the _____________.\n○ sale price\n○ actual purchase price\n○ insured value\n○ fair market value

when phil lists his house on his personal balance sheet, he should record the _____________.\n○ sale price\n○ actual purchase price\n○ insured value\n○ fair market value

Answer

Brief Explanations:

On a personal balance - sheet, assets are recorded at their fair market value. The fair market value represents what the asset could be sold for in an open and unrestricted market. The sale price is only relevant when the house is actually sold, the actual purchase price is historical and may not reflect current worth, and the insured value is mainly for insurance purposes and not the appropriate value for a balance - sheet.

Answer:

fair market value