(Answered) On november 15 johnson repair service extended an offer of

Accounting

On November 15, Johnson Repair Service extended an offer of $35,000 for land that had been priced for sale at $43,000. On December 8, Johnson Repair Service accepted the seller's counteroffer of $37,000. On December 30, the land was assessed at a value of $50,000 for property tax purposes. On April 1, Johnson Repair Service was offered $60,000 for the land by a national retail chain. At what value should the land be recorded in Johnson Repair Service's records?

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