GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 27

Buying office supplies

Obtaining a long-term loan

Buying office equipment

Selling inventory

Buying land

Question 13. Question :
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:

$95,000

$137,000