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What dollar amount for this building is reported

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Reference no: EM133100021

Question - Suppose you are considering the purchase of a building. The seller is asking $200,000 for a building that cost her $100,000. An appraisal shows the building has a value of $180,000.

You first offer $160,000. The seller counter offers with $190,000. Finally, you and the seller agree on a price of $185,000. What dollar amount for this building is reported on your financial statements? Which accounting assumption or principle guides your answer?

Reference no: EM133100021

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