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At what value should the land be recorded

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Reference no: EM132738557

Problem - Cost principle - On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair accepted the seller's counteroffer of $230,000 and bought the land for this amount. On September 15, the land was assessed at a value of $185,000 for property tax purposes. On January 9 of the next year, Kountry Repair was offered $300,000 for the land by a national retail chain. At what value should the land be recorded in Kountry Repair Service's records?

Reference no: EM132738557

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