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[answered] 2. Acme Company owns land which cost $200,000. If the land


2. Acme Company owns land which cost $200,000. If the land had to be immediately sold in order to generate cash, Acme feels it would receive only $80,000. Acme continues to report the asset on the balance sheet at $200,000. This is justi?ed under which of the following? A. Matching principle. B. Accrual accounting concept. C. Materiality principle. D. Historical cost principle.
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