Question: Entity E purchased a new vehicle two years ago for $50,000 which it has yet to place in service. The dealer offered Entity E $70,000

Entity E purchased a new vehicle two years ago for $50,000 which it has yet to place in service. The dealer offered Entity E $70,000 for it citing a chip shortage but Entity E declined. At what value should the vehicle appear in Entity Es accounting records?

a. $70,000

b. $50,000

c. $60,000

d. $0

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