Home Accounting The president of your firm, Lesky and Lesky, has little background in accounting.
Accounting

The president of your firm, Lesky and Lesky, has little background in accounting.

The president of your firm, Lesky and Lesky, has little background in accounting. Today, he walked into your office and said, “A year ago we bought a piece of land for$100,000. This year, inflation has driven prices up by 6%,and an appraiser just told us we could easily resell the land for $115,000. Yet our balance sheet still shows it at $100,000. It should be valued at $115,000. That’s what it’s worth. Or, at a minimum, at $106,000.”
Requirement (Please respond in a minimum of 250 words to a maximum of 300 words)
Respond to this statement with specific reference to the accounting principles applicable in this situation.

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