Multiple Choice Question 118 he following information i s for Pina Day Real Esta
ID: 2396222 • Letter: M
Question
Multiple Choice Question 118 he following information i s for Pina Day Real Estate: Pina Day Real Estate Balance Sheet December 31, 2018 Cash Prepaid Insurance Accounts Receivable Inven Land Held for Investment Land Buildings $ 25500 Accounts Payable 30000 50700 71200 86100 119000 $ 60000 15200 86100 161300 Salaries and Wages Payable Mortgage Payable Total Liabilities $100400 Common Stock Retained Earnings $118300 Less Accumulated 254400 372700 Trademark Total Assets Depreciation(20200) 80200 71300 $534000 Total Liabilities and Stockholders Equity $534000 The total dollar amount of assets to be classified as investments is $157300. $71200. $86100 s0.Explanation / Answer
Ans is option C = $86,100
Land held for investment = $86,100
Investment includes asset, property, money committed etc for future income generation of appreciation.
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