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What value should the land be recorded in gallatin repair

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Problem 1: On June 25, Gallatin Repair Service extended an offer of $164,000 for land that had been priced for sale at $187,000. On July 9, Gallatin Repair Service accepted the seller's counteroffer of $178,000. On October 1, the land was assessed at a value of $267,000 for property tax purposes. On December 22, Gallatin Repair Service was offered $285,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records?

Reference no: EM132620486

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