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What dollar amount for this building is reported

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Question - Suppose you are considering the purchase of a building. The seller is asking $260,000 for a building that cost her $130,000. An appraisal shows the building has a value of $230,000. You first offer $225,000. The seller counter offers with $255,000. Finally, you and the seller agree on a price of $245,000. What dollar amount for this building is reported on your financial statements? Which accounting assumption or principle guides your answer?

Reference no: EM133099006

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