If a Company Is Considering the Purchase of a Parcel

question 129

Multiple Choice

If a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:

• A) $140,000.
• B) $137,000.
• C) $150,000.
• D) $138,500.
• E) $95,000.

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