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At what amount should the land be recorded

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Reference no: EM133049619

Question - Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $220,179. The Focus Company initially offered to buy the land for $175,176. The companies settled on a purchase price of $213,700. On the same day, another piece of land on the same block sold for $237,290. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company?

a. $175,176

b. $213,700

c. $220,179

d. $237,290

Reference no: EM133049619

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