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Business, 23.09.2019 23:00 cocodemain

Lisa smith decided to start her cpa practice as a professional corporation, smith cpa, pc. the corporation purchased an office building for $35,000. the real estate agent said the building was worth $50,000 in the current market. the corporation recorded the building as a $50,000 asset because lisa believes that is the real value of the building. what concepts or principles of accounting is being violated?

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