Business, 28.01.2020 06:31 22millt

You decide to start your own business as a professional corporation. you purchase an office building for $35,000 from your mother even though your real estate agent said it was worth $500,000 in the current market. the corporation recorded the building at $500,000. which of the following concepts or principles of accounting did the corporation violate?
going concern assumption
money unit assumption
lower of cost of market principle
cost principle

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