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If a company is considering the purchase of a parcel of land that was acquired by the seller for $92,000, is offered for sale at
If a company is considering the purchase of a parcel of land that was acquired by the seller for $92,000, is offered for sale at $164,000, is assessed for tax purposes at $102,000, is recognized by the purchaser as easily being worth $154,000, and is purchased for $151,000, the land should be recorded in the purchaser's books at:
$154,000.
$102,000.
$151,000.
$152,500.
$164,000.
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