It is c ..........................................................................................................................................................................
Answer:
The land should be recorded in Clairemont Repair Service’s records at $380,000
Explanation:
According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.
So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.
Other costs which are mentioned in the question is ignored.
