asked 189k views
11 votes
At what value should the land be recorded in clementine repair service records?

At what value should the land be recorded in clementine repair service records?-example-1
asked
User Invalid
by
7.7k points

1 Answer

11 votes

Answer: $369,500

Step-by-step explanation:

The Cost concept of accounting calls for the recording of Assets at their cost.

Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.

The seller countered with $369,500 and Clementine accepted this.

This means that Clementine bought the land for $369,500 which makes it the cost price.

They should therefore record it at $369,500.

answered
User Piotr Rodak
by
8.2k points
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