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Is land reported at fair value on the balance sheet?

Land is always reported at historical cost on the balance sheet and would remain at historical cost since land is not depreciated. In addition, there is no fair value adjustment unless the land is sold or is part of a transaction.

The reason we carry other items are fair value is that there is intent to sell in the near future. However, with land, there is likely no intent to sell the land in the normal course of business. 


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