Define axis company just bought a piece of land for $25,000. what a deal! the land next door was sold last month for $27,000. axis immediately put the land back on the market for $29,000, but so far hasn't had any offers. this land would appear on axis company's balance sheet at a value of

This land would appear on Axis Company's balance sheet at a value of $25,000

Explanation:

According to the historical principle, At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $25,600 and the land was sold at $27,000 moreover it's market value is $29,000

But at the time of recording, the balance sheet would show at the purchase price i.e $25,000

answer; /// i do believe the correct answer is (possession utility);

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

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