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On June 15, Jones Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On August 3, Jones

On June 15, Jones Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On August 3, Jones Repair Service accepted the seller's counteroffer of $167,500. Describe how Reliable Repair Service should record the land. a. Describe which GAAP Concept should be applied .(2 points) b. Prepare the journey entry for the purchase by Jones Repair Service. (2 points) c. What additional concepts are involved in the concept applied from a. ?(1 point))

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