A company's gross profit (or gross margin) was $117,000 and its net sales were $390,000. Its gross margin ratio is: Multiple Choice 10%"> 30% 93%. $116,750. $271,050. A company is considering purchasing a parcel of land that was originally acquired by the seller for $99,000. While the land is currently offered for sale at $178,000, is considered by the purchaser as easily being worth $168,000, and is finally purchased for $165,000, the land should be recorded in the purchaser's books at: Multiple Choice $109,000. $165,000. $166,500. $168,000. $178,000