Answer:
This land would appear on Axis Company's balance sheet at a value of $25,000
Explanation:
According to the historical principle, At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price
Since in the question, the land was purchased at $25,600 and the land was sold at $27,000 moreover it's market value is $29,000
But at the time of recording, the balance sheet would show at the purchase price i.e $25,000
