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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?
Discuss briefly your thoughts on these two methods, and then find and post / link to an outside article that discusses either or both of these concepts, and briefly summarize
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