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Entity H reports: Building (at cost) $370,000 and Accumulated Depreciation of $72,000. How should this...

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Accounting

Entity H reports: Building (at cost) $370,000 and Accumulated Depreciation of $72,000. How should this be shown on its classified balance sheet?

a. Book value of $298,000 should be shown under Intangible Assets.

b. Book value of $370,000 should be shown under Property, Plant, and Equipment.

c. Book value of $298,000 should be shown under Property, Plant, and Equipment.

d. Building at $370,000 should be shown under Property, Plant, and Equipment, and Accumulated Depreciation of $72,000 should be shown under Long-term Liabilities.

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