On May 20, White Repair Service extended an offer of 108,000 for land that had been priced for sale at 140,000.On May 30, White Repair Service accepted the seller's counteroffer of 115,000 . On June 20, the land wasassessed at a value of 95,000 for property tax purposes. On July 4, White Repair Service was offered 150,000for the land by a national retail chain. At what value should the land be recorded in White Repair Service'srecords?
a. 108,000
b. 95,000
c. 140,000
d. 115,000
Question 2
Which of the following capital assets would not be considered a general capital asset?
A. Land at the local municipal park
B. A highway bridge maintained by a city government
C. Infrastructure associated with the local water system
D. Public safety vehicles
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