You decide to start your own business as a professional corporation. You purchase an office building for $350,000 even though you feel the building is worth $450,000 and your real estate agent said it is worth $500,000 in the current market. For tax purposes the building was assessed at $400,000. At which amount should the corporation record the building in its accounting records?

Answer rating: 100% (QA)

Option A is the correct answer The building will be recorded in the books o... View the full answer