Beverly dalton incorporated her CPA practice in 2013. At that time, the incorpor

Question

Beverly dalton incorporated her CPA practice in 2013. At that time, the incorporation purchased land for $42000. The December 31 2019 market value of the land is $98000. On December 31 2019 balance sheet, this asset should be reported at ___ unde rrhe US GAAP and at ___ under the international reporting standards.
A. $98000;$42000 B. $42000;$42000 C. $42000;$98000 D. $98000;$98000 Beverly dalton incorporated her CPA practice in 2013. At that time, the incorporation purchased land for $42000. The December 31 2019 market value of the land is $98000. On December 31 2019 balance sheet, this asset should be reported at ___ unde rrhe US GAAP and at ___ under the international reporting standards.
A. $98000;$42000 B. $42000;$42000 C. $42000;$98000 D. $98000;$98000
A. $98000;$42000 B. $42000;$42000 C. $42000;$98000 D. $98000;$98000

Explanation / Answer

Under gaap land is reported on cost and under ifrs land is reported on fair value

So answer is c) $42000:$98000

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