Transcribed Image Text: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $218,800. The Focus Company initially
offered to buy the land for $176,413. The companies settled on a purchase price of $214,769. On the same day, another piece of land on the same block sold for $234,151
Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company?
Od. $218,800 Transcribed Image Text: On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,009 Accounts Receivable, $8,558 Supplies, $1,841 Land, $24,746
Accounts Payable, $5,893. What is the amount of owner’s equity (John Wong’s capital) as of July 1 of the current year?