Cost principle Obj. 2 On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at

$300,000. On July 9, Ritts accepted the seller’s counteroffer of $275,000. On October 1, the land was assessed at a value of $280,000 for property tax purposes. On December 22, Ritts was offered

$305,000 for the land by a national retail chain. At what value should the land be recorded in Ritts Roofing’s records?

AppendixLO1