Donner Company is selling a piece of land adjacent to its business premises. An appraisal...
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Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $219,218. Focus Company initially offered to buy the land for $181,041. The companies settled on a purchase price of $209,613. On the same day, another piece of land on the same block sold for $235,780. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company? a. $181,041 b. $209,613 c. $235,780 d. $219,218
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