If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000.

Name: If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000.
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Question

Quizplus · Accepted Answer

The buyer should record the building at the purchase price of $80,000, which is the amount actually paid for the asset.

If a Building Is Appraised for $85,000, Offered for Sale