question

if a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at:

Select one:

a. $95,000.

b. $137,000.

c. $138,500.

d. $140,000.

e. $150,000.

and why please explain