### At what value should the land be recorded in integrity

Assignment Help Financial Accounting
##### Reference no: EM13940127

PE 1-1A Cost concept OBJ.

On 2 May 19, Integrity Repair Service extended an offer of \$335,000 for land that had been priced for sale at \$363,000.
On June 4, Integrity Repair Service accepted the seller's counter offer of \$345,000.
On October 10, the land was assessed at a value of \$290,000 for property tax purposes.
On February 5 of the next year, Integrity Repair Service was offered \$380,000 for the land by a national retail chain.

At what value should the land be recorded in Integrity Repair Service's records?

##### Reference no: EM13940127

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