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A building with an appraisal value of $128,421 is made available at an offer price...

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Accounting

A building with an appraisal value of $128,421 is made available at an offer price of $159,222. The purchaser acquires the property for $36,480 in cash, a 90-day note payable for $29,479, and a mortgage amounting to $52,046. The cost basis recorded in the buyer's accounting records to recognize this purchase is

$128,421

$118,005

$122,742

$159,222

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