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If a company is considering the purchase of a parcel of land that was acquired by the seller for $91,000, is offered for sale at
If a company is considering the purchase of a parcel of land that was acquired by the seller for $91,000, is offered for sale at $162,000, is assessed for tax purposes at $101,000, is recognized by the purchaser as easily being worth $152,000, and is purchased for $149,000, the land should be recorded in the purchaser's books at:
- $101,000.
- $149,000.
$150,500.
$152,000.
$162,000.
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