Asked by Olivia Wilma on May 20, 2024
Verified
If a building is appraised for $85,000, it is offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000.
Building Appraised
The process of determining the estimated market value of a building by a professional appraiser.
- Comprehend the classification and reporting of financial transactions.
Verified Answer
CV
Carlos VilarinoMay 25, 2024
Final Answer :
False
Explanation :
The buyer would record the building at the amount paid, which is $80,000, not the appraised value or the offered sale price.
Learning Objectives
- Comprehend the classification and reporting of financial transactions.