A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be recorded in the purchaser’s books at:
A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be recorded in the purchaser’s books at: