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Masja [62]
2 years ago
10

On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts acc

epted the seller’s counteroffer of $275,000. On October 1, the land was assessed at a value of $280,000 for property tax purposes. On December 22, Ritts was offered $305,000 for the land by a national retail chain. At what value should the land be recorded in Ritts Roofing's records? $ fill in the blank 1
Business
1 answer:
Kisachek [45]2 years ago
3 0

Answer:

$275,000

Explanation:

The computation of the value that should the land be recorded is shown below:

= Value at which rits accepted the counteroffer of the seller

= $275,000

Hence, the alue that should the land be recorded is $275,000

Basically it records the cost value as per the cost concept

The same should be considered

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