On June 25, AAA Repair Service extended an offer of $76,000 for land that had been priced for sale at $87,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $83,000. On October 1, the land was assessed at a value of $125,000 for property tax purposes. On December 22, AAA Repair Service was offered $133,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On June 25, AAA Repair Service extended an offer of $76,000 for land that had been priced for sale at $87,000. On
July 9, AAA Repair Service accepted the seller's counteroffer of $83,000. On October 1, the land was assessed at a
value of $125,000 for property tax purposes. On December 22, AAA Repair Service was offered $133,000 for the land
by a national retail chain.
At what value should the land be recorded in AAA Repair Service's records?
%24
Transcribed Image Text:On June 25, AAA Repair Service extended an offer of $76,000 for land that had been priced for sale at $87,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $83,000. On October 1, the land was assessed at a value of $125,000 for property tax purposes. On December 22, AAA Repair Service was offered $133,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records? %24
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