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Otay Company purchased land for $70,000 on 12/31/09

Accounting

Otay Company purchased land for $70,000 on 12/31/09. As of 5/30/10, the land's value had increased to $71,500. On 12/31/10, the land was appraised for $74,000. The Land account should be increased by

a. $1,150.

b. $0.

c.   $2,500.

d. $4,000.

 

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