a. If $51,000 cash is paid to buy land, the land is reported on the buyer’s

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a. If $51,000 cash is paid to buy land, the land is reported on the buyer’s

a. If $51,000 cash is paid to buy land, the land is reported on the buyers balance sheet at $51,000. A. Cost principle or historical cost B. Objectivity principle
C. Monetary unit principle D. Going-concern principle E. Business entity assumption F. Revenue recognition principle