On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, White Repair Service accepted the seller's counteroffer of $115,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service's records? O $95,000 O $115,000 O $140.000 O $108,000 3 pts DQuestion 2 Within the United States, the dominant body in the primary development of accounting principles is the O American Accounting Association (AAA) O Institute of Management Accountants (IMA) Financial Accounting Standards Board (FASB) O American Institute of Certified Public Accountants (AICPA) The initials GAAP stand for O Generally Accepted Plans O Generally Accepted Accounting Practices O Generally Accepted Accounting Principles O General Accounting Procedures The assets and liabilities of a company are $128,000 and $84,000, respectively. Stockholders' equity should equal o $44,000 $84,000 O $128,000 O $212.000 A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to O decrease an asset, decrease a liability O increase an asset, increase stockholders' equity O increase an asset, increase a liability O increase an asset, decrease another asset