On June 25, Tin Roofing extended an offer of $300,000 for land that had been priced for sale at $375,000. On July 9, Tin Roofing accepted the seller's counteroffer of $320,000. On October 1, the land was assessed at a value of $400,000 for property tax purposes. On December 22, Tin Roofing was offered $450,000 for the land by a national retail chain. At what value should the land he recorded in Tin Roofinn's records?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Homework Ch1
1. BE.01.01
2. BE.01.01.ALGO
3. BE.01.02
4. BE.01.02.ALGO
5. BE.01.03
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6. BE.01.04
7. BE.01.04.ALGO
8. BE.01.04.BLANKSHEET.AL...
9. BE.01.05
10. BE.01.06
11. BE.01.06.ALGO
12. BE.01.07
13. EX. 01.05.ALGO
14. EX.01.06.ALGO
15. PR.01.05A.BLANKSHEET
16. EX.01.01
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At what value should the land be recorded in Tin Roofing's records?
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Cost principle
On June 25, Tin Roofing extended an offer of $300,000 for land that had been priced for sale at $375,000. On July 9, Tin Roofing accepted the seller's counteroffer of $320,000. On October 1, the land was
assessed at a value of $400,000 for property tax purposes. On December 22, Tin Roofing was offered $450,000 for the land by a national retail chain.
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Under the cost principle, amounts are initially recorded in the accounting records at their cost.
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Transcribed Image Text:8✓ Homework Ch1 1. BE.01.01 2. BE.01.01.ALGO 3. BE.01.02 4. BE.01.02.ALGO 5. BE.01.03 CengageNOWv2 | Online teachin X Qbartleby - Search 6. BE.01.04 7. BE.01.04.ALGO 8. BE.01.04.BLANKSHEET.AL... 9. BE.01.05 10. BE.01.06 11. BE.01.06.ALGO 12. BE.01.07 13. EX. 01.05.ALGO 14. EX.01.06.ALGO 15. PR.01.05A.BLANKSHEET 16. EX.01.01 Progress: 1/20 items Assignment Score: 0.0% xb Home | bartleby https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A 86°F Mostly cloudy < eBook At what value should the land be recorded in Tin Roofing's records? 197,000 X Feedback Show Me How Cost principle On June 25, Tin Roofing extended an offer of $300,000 for land that had been priced for sale at $375,000. On July 9, Tin Roofing accepted the seller's counteroffer of $320,000. On October 1, the land was assessed at a value of $400,000 for property tax purposes. On December 22, Tin Roofing was offered $450,000 for the land by a national retail chain. Check My Work Check My Work Under the cost principle, amounts are initially recorded in the accounting records at their cost. x | + ▬ All work saved. OLD - 2 ^ ● Save and Exit Submit Assignment for Grading ☎ 0 Next > 3:39 PM 8/30/2022 x
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