Macon Enterprises purchased land for $2,000,000 in 2001 . In 2015, an independent appraiser assessed the value at $3,400,000 . What amount should appear on the financial statements in 2015 with respect to the land?
a. $2,000,000
b. $1,400,000
c. $3,400,000
d. Whatever amount the company believes is the best indicator of the true value of the land
a
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