Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Brief Exercises - Page 70: BE2-8d

Answer

(d) Eastman Kodak Company- Historical cost

Work Step by Step

The historical cost principle supports that the changes in fair value after purchase are not reflected in the accounts. Thus, Eastman Kodak Company recognizes the land for the price they paid to acquire it.
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