(Answered) Question - on june 25 ritts roofing extended an offer of

Accounting

Question - On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts accepted the seller's counteroffer of $275,000. On October 1, the land was assessed at a value of $280,000 for property tax purposes. On December 22, Ritts was offered $305,000 for the land by a national retail chain.

At what value should the land be recorded in Ritts Roofing's records?

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