=+On February 7, Snap Repair Service extended an offer of $75,000 for land that had been priced
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=+On February 7, Snap Repair Service extended an offer of $75,000 for land that had been priced for sale at $85,000. On February 21, Snap Repair Service accepted the seller’s counteroffer of $81,000. On April 30, the land was assessed at a value of $125,000 for property tax purposes. On August 30, Snap Repair Service was offered $130,000 for the land by a national retail chain. At what value should the land be recorded in Snap Repair Service’s records?
PE 1-1A Cost concept
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