(Tax Liens) A county decided to keep land it bid in at its property tax sale to use for parks and recreation purposes. The redemption period has passed, and the county has a valid deed to the land. Taxes, interest, penalties, and sheriff's sale costs (of $150) applicable to the land total $15,000, and the land could have been sold for $12,000. The Tax Liens Receivable account in the General Fund has been charged to the Allowance for Uncollectible Tax Liens Receivable account and the land has been capitalized (recorded) at $15,000 in the General Capital Assets accounts.

(a) Do you agree with the recording of this transaction?

(b) Would your answer differ if the land could be sold for $18,000?