Final answer:
The book value of an asset can differ widely from its market value for land, patents, inventory, and accounts receivable.
Step-by-step explanation:
The book value of an asset refers to the value of the asset as recorded on a company's balance sheet. The market value of an asset, on the other hand, refers to the price that the asset would fetch in the current market.
For land, the book value is typically lower than the market value because land values tend to appreciate over time.
For patents, the book value may not reflect their true market value, as it does not account for the potential earnings or royalties that can be derived from the patent.
Inventory may also have a significant difference between book value and market value due to factors such as obsolescence, spoilage, or changes in market demand.
Lastly, accounts receivable can have a different book value compared to its market value if there is a high risk of non-payment by customers or if the receivables are subject to a discount.