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Find cost basis recorded in the buyer accounting records

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Reference no: EM133010557

Problem 1: A building with an appraisal value of $158,000 is made available at an offer price of $180,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $50,000, and a mortgage amounting to $79,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is

Reference no: EM133010557

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