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On June 15, Moreno Furniture Repair extended an offer of $26,000 for land that had...

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Accounting

On June 15, Moreno Furniture Repair extended an offer of $26,000 for land that had been priced for sale at $39,000. On June 30, Moreno Furniture Repair accepted the sellers counteroffer of $31,000. On August 2, the land was assessed by the Potter Randall County Appraisal District at a value of $35,000 for property tax purposes. On March 5 of the following year, Moreno Furniture Repair was offered $52,000 for the land by a national manufacturing company. At what value should the land be recorded in Moreno Furniture Repairs accounting records

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