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Find the buyer will record the purchase of land at

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Problem 1: Land valued at 50,000 for property tax purposes is offered for sale at 60,000. The land is acquired by a business for 18,000 cash and a Note Payable for 40,000, due in 120 days. The buyer will record the purchase of land at:

Option 1: 50,000

Option 2: 60,000

Option 3: 58,000

Option 4: 18,000

Reference no: EM132808378

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