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A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is 154,000 172,000 160,000 120,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91789371

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