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A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:

a) $95,000

b) $137,000

c) $138,500

d) $140,000

e) $150,000

Accounting Basics, Accounting

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  • Reference No.:- M947506

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