Goodwill may be recorded in which of the following circumstances?
A. When one business acquires another business
B. When a business sells property for more than its book value
C. When the property, plant and equipment of a business increase in value
D. When a business earns a very high net income
Answer: A
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Land costing $46,000 was sold for $79,000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
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