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At what value should the land be recorded

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Problem - On August 25, Gallatin Repair Service extended an offer of $400,000 for land that had been priced for sale at $500,000. On September 3, Gallatin Repair Service accepted the seller's counteroffer of $460,000. On October 20, the land was assessed at a value of $300,000 for property tax purposes. On December 4, a national retail chain offered Gallatin Repair Service $525,000 for the land. At what value should the land be recorded in Gallatin Repair Service's records?

Reference no: EM132678321

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