35) Busy Beaver, Inc. purchased land ten years ago for $30,000. At December 31, 2012, similar land has been appraised at $50,000. Answer the following questions:
1. At what amount should land be reported on the balance sheet under U.S. GAAP?
2. Which basis is more reliable, historical cost, $30,000, or fair market value, $50,000?
3. Which basis is more relevant, historical cost, $30,000, or fair market value, $50,000?
4. How might the land be reported using IFRS?
36) Explain the objectives of financial reporting.
37) Discuss the qualities of accounting information.