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Aleks [24]
3 years ago
10

A building with an appraisal value of $129,668 is made available at an offer price of $158,618. The purchaser acquires the prope

rty for $36,973 in cash, a 90-day note payable for $24,989, and a mortgage amounting to $56,481. The cost basis recorded in the buyer's accounting records to recognize this purchase is
Business
1 answer:
Ira Lisetskai [31]3 years ago
5 0

Answer:

$118,443

Explanation:

Calculation to determine what the cost basis recorded in the buyer's accounting records to recognize this purchase is

Using this formula

Cost Basis= Cash + Note payable + Mortgage amount

Let plug in the formula

Cost Basis= $36,973 + $24,989 + $56,481

Cost Basis= $118,443

Therefore the cost basis recorded in the buyer's accounting records to recognize this purchase is

$118,443

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3 years ago
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