On October 1, Wok Repair Service extended an offer of $100,000 for land that had been priced

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On October 1, Wok Repair Service extended an offer of $100,000 for land that had been priced for sale at $150,000. On December 19, Wok Repair Service accepted the seller’s counteroffer of $110,000. Describe how Wok Repair Service should record the land.

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