Ten years ago a corporation purchased a building for $ 120 comma 000$120,000. At that...
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Accounting
Ten years ago a corporation purchased a building for $ 120 comma 000$120,000. At that time, the corporation felt that the building was worth $ 145 comma 000$145,000. The current market value of the building is $ 490 comma 000$490,000. The building has been assessed at $ 465 comma 000$465,000 for property tax purposes. At which amount should the corporation record the building in its accounting records?
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