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A local citizen donated land with a fair market value of $500,000 to the county government. The donor had paid $550,000 for the land five years ago. The county incurred $150,000 in development costs to convert the land into a public park. The county would capitalize the new public park at:

A) $500,000.

B) $550,000.

C) $700,000.

D) $650,000.

E) $0.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M964667

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