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At what value should the land be recorded

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Reference no: EM132874735

Problem - Cost concept - On June 10, Easy Repair Service extended an offer of $95,000 for land that had been priced for sale at $118,500. On August 2, Easy Repair Service accepted the seller's counteroffer of $105,000. On August 27, the land was assessed at a value of $80,000 for property tax purposes. On April 1, Easy Repair Service was offered $125,000 for the land by a national retail chain. At what value should the land be recorded in Easy Repair Service's records?

Reference no: EM132874735

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