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Cost Concept

On February 7, AAA Repair Service extended an offer of $99,000 for land that had been priced for sale at $113,000. On February 21, AAA Repair Service accepted the seller's counteroffer of $108,000. On April 30, the land was assessed at a value of $162,000 for property tax purposes. On August 30, AAA Repair Service was offered $173,000 for the land by a national retail chain.

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

Reference no: EM13753046

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