Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. it is september 24, 2020, and your company is cons

It is September 24, 2020, and your company is considering the purchase of land for...

70.2K

Verified Solution

Question

Accounting

It is September 24, 2020, and your company is considering the purchase of land for future expansion. The seller is asking $50,000 for the land, which cost them $35,000 four years ago. An independent appraiser assigns the land a value of $47,000. You offer the seller $44,000 for the land and they come back with a counter-offer of $48,000. You and the seller end up settling on a purchase price of $46,000 for the land.

When you record the purchase of this land in your accounting records, at what value will you record it?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

The Camera Shop sells two popular models of digital SLR cameras (Camera A Price: 200, Camera...

Statistics
1.2K views

Explain the influence of a level of significance and sample size has on hypothesis testing. Provide...

Physics
1.2K views

A small mailbag is released from a helicopter that is descending steadily at 2.77 m/s. (a) After...

Biology
1.2K views

At the neuromuscular junction the electrical signal of the nerve A is sent directly to...

Basic Math
1.2K views

How many arrangements of 3 digits can be formed from the digits 0 through 9

Basic Math
1.2K views

Write the quadratic function in standard form that goes through the points (1, 5), (0,3),...

Calculus
1.2K views

The number N of locations of a popular coffeehouse chain is given in the table...

Algebra
1.2K views

Draw and shade Venn diagrams that correspond to the following sets a AUBUC b AU...

Accounting
1.2K views

Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial...

Accounting
1.2K views

Can someone help me with this question? This is all the information it gives

Accounting
1.2K views

When are the following commands used? 1. Join Command 2. Relations Command ...

Accounting
1.2K views

12 the end of Year 1. Carrot Company revised the pension...