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QUESTION
On May 19, AAA Repair Service extended an offer of $67,000 for land that had been priced for sale at $77,000. On June 4, AAA Repair Service accepted...
On May 19, AAA Repair Service extended an offer of $67,000 for land that had been priced for sale at $77,000. On June 4, AAA Repair Service accepted the seller's counteroffer of $73,000. On October 10, the land was assessed at a value of $110,000 for property tax purposes. On February 5 of the next year, AAA Repair Service was offered $117,000 for the land by a national retail chain.At what value should the land be recorded in AAA Repair Service's records?$
$73,000, Under the cost concept, the land should be recorded at the cost to AAA RepairService.