The fair value of land owned by a company has increased this year. The journal entry to record this increase in fair value would include:
A. a debit to Land.
B. a credit to Gain on Asset Value Increase.
C. nothing; no entry would be made according to GAAP.
D. a credit to Non-Impairment of Asset.
Answer: C
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Fill in the blank(s) with the appropriate word(s).
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What are some of the principles organizations can observe to improve their forecasting process?
What will be an ideal response?
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