(Solution) 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 | Snapessays.com


(Solution) 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


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:

 

 

Answer

 

 

$95,000.

 

 

 

 

$137,000.

 

 

$138,500.

 

 

$140,000.

 

 

$150,000.

 


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This question was answered on: May 23, 2022

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