On may 19 aaa repair service extended an offer of 67000, Ask an Expert

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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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9860811

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