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What the cost basis recorded in the buyer accounting

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Reference no: EM132729708

Problem 1: A building with an appraisal value of $136,507 is made available at an offer price of $157,451. The purchaser acquires the property for $39,484 in cash, a 90-day note payable for $30,690, and a mortgage amounting to $58,433. The cost basis recorded in the buyer's accounting records to recognize this purchase is

a. $117,967

b. $128,607

c. $157,451

d. $136,507

Reference no: EM132729708

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