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At what value should the land be recorded

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Question - On June 25, AAA Repair Service extended an offer of $89,000 for land that had been priced for sale at $102,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $97,000. On October 1, the land was assessed at a value of $146,000 for property tax purposes. On December 22, AAA Repair Service was offered $155,000 for the land by a national retail chain.

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

Reference no: EM132622064

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