Question: PE 1 - 1 B Cost concept On March 3 1 , Higgins Repair Service extended an offer of $ 4 1 5 , 0

PE 1-1B Cost concept
On March 31, Higgins Repair Service extended an offer of $415,000 for land that had been priced for
sale at $460,000. On April 15, Higgins Repair Service accepted the seller's counteroffer of $437,500. On
September 9, the land was assessed at a value of $375,000 for property tax purposes. On December 8,
Higgins Repair Service was offered $475,000 for the land by a national retail chain. At what value should
the land be recorded in Higgins Repair Service's records?
PE 1-1B Cost concept On March 31, Higgins Repair Service extended

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