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Orlando, Inc., purchased a piece of land with a new building on January 1, 2006. The land was valued at $40,000 and the building was valued at $120,000 with a 40-year life and a zero salvage (residual) value. How would the land and building appear in the plant, property and equipment section of the December 31, 2006, balance sheet?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436938

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