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Question(s) / Instruction(s):

The Maximum Experience Company acquired a building for $600,000. Maximum Experience had the building appraised, and found that the building was easily worth $625,000. The seller had paid $450,000 for the building 6 years ago. Which accounting principle would require Maximum Experience use to record the building on its records at $600,000?

a)            Business entity principle

b)            Cost principle

c)            Monetary unit principle

d)            Revenue recognition principle

e)            Going-concern principle

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