Saba Co. bought a tract of land, paying $800,000 in cash and assuming an existing mortgage of $200,000. The municipal tax bill disclosed an assessed valuation of $700,000. How much should record as an asset for this land acquisition? 0 $ 600,000 $ 700,000

Siba Ca bought a trast of land, paying $800,000 in cash and ascuming an existing mortgage of $200,000 5600000 this land acquisition