Cost principle On June 25, Tin Roofing extended an offer of $161,000 for land that...
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Cost principle On June 25, Tin Roofing extended an offer of $161,000 for land that had been priced for sale at $184,000. On July 9 , Tin Roofing accepted the seller's counteroffer of $175,000. On October 1 , the land was assessed at a value of $263,000 for property tax purposes. On December 22 , Tin Roofing was offered $280,000 for the land by a national retail chain. At what value should the land be recorded in Tin Roofing's records? $
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