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Category > Accounting Posted 24 May 2017 My Price 5.00

Kountry Repair Service extended an offer of $200,000 for land that had

"On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair Service accepted the seller’s counteroffer of $230,000. On September 15, the land was assessed at a value of $185,000 for property tax purposes. On January 9 of the next year, Kountry Repair Service was offered $300,000 for the land by a national retail chain. At what value should the land be recorded in Kountry Repair Service’s records"
(Warren 29)

Answers

Alpha Geek
(8)
Status NEW Posted 24 May 2017 06:05 AM My Price 5.00

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Attachments

file 1495607890-1760574_1_636311839750143178_Land-cost-recognition.xlsx preview (245 words )
17-----------605-----------74&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------504-----------845-----------Lan-----------d c-----------ost-----------&qu-----------ot;-----------On -----------Feb-----------rua-----------ry -----------22,----------- Ko-----------unt-----------ry -----------Rep-----------air----------- Se-----------rvi-----------ce -----------ext-----------end-----------ed -----------an -----------off-----------er -----------of -----------$20-----------0,0-----------00 -----------for----------- la-----------nd -----------tha-----------t h-----------ad -----------bee-----------n p-----------ric-----------ed -----------for----------- sa-----------le -----------at -----------$25-----------0,0-----------00.----------- On----------- Ap-----------ril----------- 3,----------- Ko-----------unt-----------ry -----------Rep-----------air----------- Se-----------rvi-----------ce -----------acc-----------ept-----------ed -----------the----------- se-----------lle-----------râ€-----------™s -----------cou-----------nte-----------rof-----------fer----------- of----------- $2-----------30,-----------000-----------. O-----------n S-----------ept-----------emb-----------er -----------15,----------- th-----------e l-----------and----------- wa-----------s a-----------sse-----------sse-----------d a-----------t a----------- va-----------lue----------- of----------- $1-----------85,-----------000----------- fo-----------r p-----------rop-----------ert-----------y t-----------ax -----------pur-----------pos-----------es.----------- On----------- Ja-----------nua-----------ry -----------9 o-----------f t-----------he -----------nex-----------t y-----------ear-----------, K-----------oun-----------try----------- Re-----------pai-----------r S-----------erv-----------ice----------- wa-----------s o-----------ffe-----------red----------- $3-----------00,-----------000----------- fo-----------r t-----------he -----------lan-----------d b-----------y
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