问题如下：
2. Using an asset-based approach, the value (net of debt) of Oakstar is closest to:
选项：
A.$62,250,000.
B.$87,250,000.
C.$199,750,000.
解释：
B is correct.
In the absence of market value data for assets and liabilities, the analyst usually must use book value data (the reading explicitly makes the assumption that book values accurately reflect market values as well). Except for timberland, market values for assets are not available. Thus, all other assets are assumed to be valued by their book values, which sum to $500,000 + $25,000 + $50,000 + $750,000 = $1,325,000. The value of the land is determined by the value of $8,750 per hectare for properties comparable to Oakstar’s. Thus, the value of Oakstar’s land is $8,750 × 10,000 = $87,500,000. Liabilities are assumed to be worth the sum of their book value or $1,575,000. Thus, Estimated value = Total assets
为什么asset要把land那部分减掉？
