A parcel of land offered for sale at $600,000 is assessed for tax purposes at $500,000,is recognized by its purchasers as easily being worth $575,000,and is purchased for $570,000.At what amount should the land be recorded in the purchaser's books? What accounting principle supports your answer?

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The Answer of A parcel of land offered for sale at $600,000 is assessed for tax purposes at $500,000,is recognized by its purchasers as easily being worth $575,000,and is purchased for $570,000.At what amount should the land be recorded in the purchaser's books? What accounting principle supports your answer?

A Parcel of Land Offered for Sale at $600,000 Is