If a Parcel of Land That Was Originally Purchased for $85,000

question 75

Multiple Choice

If a parcel of land that was originally purchased 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 account transaction amount to handle the sale of the land in the seller's books is:

• A) $85,000 increase.
• B) $85,000 decrease.
• C) $137,000 increase.
• D) $137,000 decrease.
• E) $140,000 decrease.

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Definitions:

Trespass

Trespass is an unlawful intrusion or encroachment onto property owned or legally occupied by another, without permission or legal right.

Intentional Harm

The deliberate infliction of damage or injury on another person or their property.

Property

is any physical or intangible entity that is owned by an individual or collectively, subject to the rights and responsibilities of ownership.

Intrusion

The act of wrongfully entering into someone's privacy or affairs without permission.