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

question 12

Multiple Choice

If a parcel of 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:

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

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