(Answered) 1 barry bonds land development inc purchased land for 70000

Accounting

1. Barry Bonds Land Development, Inc. purchased land for $70,000 and spent $30,000 developing it. It then sold the land for $160,000. Tom Glavine Manufacturing purchased land for a future plant site for $100,000. Due to a change in plans, Glavine later sold the land for $160,000. Should these two companies report the land sales, both at gains of $60,000, in a similar manner?

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