We paid 350,000 for land but added a couple of houses, breakroom and office. Once the land was Appraised it is worth 3 times more. How do i record this in Quickbooks to show what the office, houses and office with the land are actually worth. So as to get a loan for our business.
Land is an asset that is separate from buildings. Need separate accounts where you record the price you paid for each item in separate accounts. Appraisals and market values do not impact your accounting records.
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