1.) properties invested by the owner should be recorded at this value: (a) market value (b) residual value (c) book value (d) capital expenditures 2.) productive value of an asset representing its ability to yield service: (a) face value (b) market value (c) net realizable value (d) book value (e) residual value (f) utility value 3.) the amount that could be paid for an asset at an arm’s length transaction: (a) utility value (b) residual value (c) face value (d) market value (e) net realizable value (f) book value

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EXPERT ANSWER

1.Properties invested by the owner should be recorded at the book value. The book value of an asset is its recorded cost less accumulated depreciation

Answer : Option C

2. Utility value is the productive value of an asset representing its ability to yield service

Answer : Option F

3.The price that the buyer and seller are willing to transact on would closely match the fair market value of the consideration.

Answer : Option D