asked 26.3k views
4 votes
According to the cost principle, land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at?

2 Answers

4 votes
$137000 is the answer

answered
User Sandeep Maurya
by
8.1k points
4 votes
Pretty sure thats the answer $137,000
answered
User Ryan Linton
by
8.9k points
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