If a Company Is Considering the Purchase of a Parcel

Multiple Choice

If a company is considering the purchase of a parcel of land that was originally acquired by the seller for $85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:

A) $95,000.
B) $137,000.
C) $138,500.
D) $140,000.
E) $150,000.