GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 21

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
$138,500
$140,000
$150,000
Question 14. Question :
Prepaid expenses are: