Land must be recorded in the purchasers books, Accounting Basics

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Land must be recorded in the purchasers books

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:

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Accounting Basics: Land must be recorded in the purchasers books

Reference No:- TGS088735

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Explain description of the team to include their mission

Q : What can you tell him about the wireless standards

Q : Determine the reasons for the team-s effectiveness

Q : What is the net realizable value

Q : Land must be recorded in the purchasers books

Q : What can a manager learn from the characteristics

Q : Each account will have a name, account number

Q : A solar flare causes 10% of the population to die

Q : How many units are budgeted for sale in october

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Land must be recorded in the purchasers books

Reference No:- TGS088735

Recent Questions Asked Accounting Basics

Q : Explain description of the team to include their mission

Q : What can you tell him about the wireless standards

Q : Determine the reasons for the team-s effectiveness

Q : What is the net realizable value

Q : Land must be recorded in the purchasers books

Q : What can a manager learn from the characteristics

Q : Each account will have a name, account number

Q : A solar flare causes 10% of the population to die

Q : How many units are budgeted for sale in october

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