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At what value should the land be recorded

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Question - On February 3, Snap Repair Service extended an offer of $125,000 for land that had been priced for sale at $143,000. On February 28, Snap Repair Service accepted the seller's counteroffer of $136,000. On October 23, the land was assessed at a value of $204,000 for property tax purposes. On January 15 of the next year, Snap Repair Service was offered $218,000 for the land by a national retail chain.

Required - At what value should the land be recorded in Snap Repair Service's records?

Reference no: EM132539849

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