A clinic have concluded debate on the purchase of a building.The retailer bought the building for$250,000..

... and was asking $400,000. The appraised utility of the building is $425,000. The negotiated purchase price is $385,000. What asset effectiveness should be recorded for the building?
a. $250,000
b. $385,000
c. $400,000
d. $425,000

Where can i exchange my fifty cent pieces for bills?

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Answers:   b. $385,000

Property, plant & equipment should be initially record at cost. [IAS 16.15]. Subsequently you can choose the cost model or the revaluation model.

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