Question

According to the cost principle, land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at?

Answer 1

Pretty sure thats the answer $137,000

Answer 2

$137000 is the answer