If a company is considering the purchase of a parcel of land that was acquired by the seller for $96,000 is offered for sale at $172,000, is assessed for tax purposes at $106,000, is recognized by the purchaser as easily being worth $162,000, and is purchased for $159,000, the land should be recorded in the purchaser's books at:a. $106,000. b. $159,000. c. $160,500. d. $162,000. e. $172,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If a company is considering the purchase of a parcel of land that was acquired by the seller for $96,000 is offered for sale at $172,000, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The operating system converts a basic user request into the set of detailed instructions that the computer hardware requires, thus acting as an intermediary between the application and the hardware. A. True B. False
Answers (1)
X Company is concerned that it does not have enough employees to ensure adequate segregation of duties in its revenue cycle. Which of the following may be performed by the same individual? A.
Answers (1)
Opal deducted $2,560 of state income taxes on her tax return last year. this year she received a state income tax refund of $330.
Answers (1)
If there are 200 identical firms in this market, what level of output will be supplied to the market when price is $2.00?
Answers (1)
Rhonda and Marta form Yo Yo Corporation. Rhonda transfers land (basis of $55,000 and fair market value of $180,000) for 50 shares plus $20,000 cash. Marta transfers $160,000 cash for 50 shares in Yo Yo Corporation. a.
Answers (2)
New Questions in Business
The goal of the firm should be
Answers (1)
Green Co. had the following equity transactions at December 31:Cash proceeds from sale of investment in Blue Co. (carrying value - $60,000) $75,000Dividends received on Grey Co. stock 10,500Common stock purchased from Brown Co.
Answers (1)
The owner of a single-family house in which he lives wants to sell. If he does not use discriminatory language in advertising, has not sold any other house within the past two years, and does not employ an agent, may he discriminate on the basis of
Answers (1)
When do many companies expect to have a net loss
Answers (1)
Marion Franklin is the CEO of a local real estate company, Action Realty. The community has seen an increase in population over the last 2 years, and new neighborhoods are being built as a result.
Answers (1)