Cost Principle On June 25, AAA Repair Service extended an offer of $94,000 for land that had been priced for sale at $107,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $102,000. On October 1, the land was assessed at a value of $153,000 for property tax purposes. On December 22, AAA Repair Service was offered $163,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records?

O Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short-term note for $325,000. Legal fees paid were $2,375, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $22,200. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,076,200 to construct a new warehouse. Determin he cost of the land to be reported on the balance sheet.

On December 1, 20X0, AKE Pte Ltd paid $5,000 to a Real Estate consulting company for a market report of the property market. The market survey was favourable and AKE Pte Ltd decided to make an entry into the property market. On January 1, 20X1 the company purchased two buildings paying $800,000 for Building X and $1,200,000 for Building Y. The company paid $20,000 to the property agent and incurred an additional $80,000 legal fee to finalise the transaction. Both buildings have useful life of 40 years and zero residual value. The company uses straight- line method for depreciation of all its non-current assets. The company intends to use Building X as their office and rent out Building Y. The company adopts revaluation model for its PPE and fair value model for its investment property. Any accumulated depreciation at the date of the revaluation will be eliminated against the gross carrying amount of the asset. At the end of the year 20X1, values of the two buildings were as below:…

On June 25, Obermayer Repair Service extended an offer of $135,000 for land that had been priced for sale at $154,000. On July 9, Obermayer Repair Service accepted the seller's counteroffer of $147,000. On October 1, the land was assessed at a value of $221,000 for property tax purposes. On December 22, Obermayer Repair Service was offered $235,000 for the land by a national retail chain. At what value should the land be recorded in Obermayer Repair Service's records?$