If a company is considering the purchase of a parcel of land that was acquired by the seller for $100,000, is offered for sale at $180,000, is assessed for tax purposes at $110,000, is recognized by the purchaser as easily being worth $170,000, and is purchased for $167,000, the land should be recorded in the purchaser's books at: Multiple Choice $168,500 $180,000. $110,000 $170,000. 46 of 47 Next >