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  3. ten years ago a corporation purchased a building f

Ten years ago a corporation purchased a building for $ 160 comma 000 . At...

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Question

Accounting

Ten years ago a corporation purchased a building for

$ 160 comma 000

.

At that time, the corporation felt that the building was worth

$ 185 comma 000

.

The current market value of the building is

$ 460 comma 000

.

The building has been assessed at

$ 435 comma 000

for property tax purposes. At which amount should the corporation record the building in its accounting records?

A.

$ 160 comma 000

B.

$ 435 comma 000

C.

$ 460 comma 000

D.

$ 185 comma 000

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