25. A building is offered / listed for sale at $500,000 but, is currently assessed...
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25. A building is offered / listed for sale at $500,000 but, is currently assessed by the town at $400,000. The purchaser of the building believes the building is worth approximately $475,000 based on comparable recent sales. Ultimately the building is purchased for $450,000 after a lengthy diligence period. The purchaser takes out a non-recourse mortgage for $300,000. The purchaser debits the building (T-Account) on its books and records for: A. $300,000. B. $400,000. C. $450,000. D. $475,000. E. $500,000.
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