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On may 20, white repair service extended an offer of $108,000 for land that had been priced for sale at $140,000. on may 30, white repair service accepted the seller's counteroffer of $115,000. on june 20, the land was assessed at a value of $95,000 for property tax purposes. on july 4, white repair service was offered $150,000 for the land by a national retail chain. at what value should the land be recorded in white repair service's records

Respuesta :

It should be valued at $95,000.
ayokenny2001

The value the land should be recorded in white repair service's records is $95,000

The above is an example of cost basis.

What is cost basis?

The cost basis of accounting theory typically records assets at their original cash value at the moment of purchase or acquisition. The amount recorded for the asset cannot be adjusted to account for increased market value or inflation, nor can be adjusted.

Therefore, the value the land should be recorded in white repair service's records is $95,000.

Learn more about cost basis here: https://brainly.com/question/25899244

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