Lewis Company was formed on January 1, 2005. Selected balances from the historical cost balance sheet at December 31, 2006, were as follows:
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|
Land (purchased in 2005) |
$120,000 |
|
Investment in nonconvertible bonds (purchased in 2005, and expected to be held to maturity) |
60,000 |
|
Long-term debt |
80,000 |
The average Consumer Price Index was 100 for 2005, and 110 for 2006. In a supplementary constant dollar balance sheet (adjusted for changing prices) at December 31, 2006, these selected account balances should be shown at
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|
Land |
Investment |
Long-term debt |
|
|
a. |
$120,000 |
$60,000 |
$88,000 |
|
b. |
$120,000 |
$66,000 |
$88,000 |
|
c. |
$132,000 |
$60,000 |
$80,000 |
|
d. |
$132,000 |
$66,000 |
$80,000 |