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What amount should the land be recorded in the accounting

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Reference no: EM132657229

Problem 1: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $96,640. The Focus Company initially offered to buy the land for $114,726. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $102,229. Under the cost principle, at what amount should the land be recorded in the accounting records of Focus Company?

a. $102,229
b. $212,000
c. $114,726
d. $96,640

Reference no: EM132657229

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