A parcel of land is 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 is 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 Is Offered for Sale at $600,000