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Identify the accounting​ concept, assumption, or principle that best applies to each of the following​ situations: a. Burger King​, the restaurant​ chain, sold a store location to McDonald​'s. How can
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Identify the accounting​ concept, assumption, or principle that best applies to each of the following​ situations:

a. Burger King​, the restaurant​ chain, sold a store location to McDonald​'s. How can Burger King determine the sale price of the store —by a professional​ appraisal, Burger King original​ cost, or the amount actually received from the​ sale?

User SupaMonkey
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Answer:

Historical cost principle

Step-by-step explanation:

Under historical cost principle, assets and liabilities are reported in the balance sheet of the entity at their purchase price, even of their current price has changed.

User Benesch
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