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What value should the land be recorded in clairemont repair

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Cost Concept

On February 3, Clairemont Repair Service extended an offer of $169,000 for land that had been priced for sale at $193,000. On February 28, Clairemont Repair Service accepted the seller's counteroffer of $184,000. On October 23, the land was assessed at a value of $276,000 for property tax purposes. On January 15 of the next year, Clairemont Repair Service was offered $294,000 for the land by a national retail chain.

Problem 1: At what value should the land be recorded in Clairemont Repair Service's records?

Reference no: EM132626614

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