Burr Publishers purchased a building on March 20, 20X1, for $160,000. Other amounts related to this purchase are as follows:Price listed by seller on Jan. 1, 20X1, $180,000Burr Publishers' initial offer to buy on Jan. 31, 20X1, $140,000Purchase price on Mar. 20, 20X1, $160,000Estimated selling price on Dec. 31, 20X3, $220,000Assessed value for property taxes, Dec. 31, 20X3, $190,000Which amount related to this purchase should be recorded in the accounting records? (A) 220,000 (B) 180,000 (C) 140,000 (D) 160,000
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