On May 20, White Repan 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 sellers counteroffer of $115.000. On June 20. the land was assessed at a value of $95 000 for property tax purposes On July 4 White Repair Service was offered S150.000 for the land by a national retail
chain At what value should the land be recorded in White Repair Service's records?

$115.000.

Explanation:

As per the guidelines of the generally accepted accounting principles, assets should be recorded at their acquisition price. The value to be recorded is the price paid for the asset.

For White Repan Service, the amount they paid for the land was the counteroffer from the seller. White Repan Service paid $105,000 for the land. The value to be recorded should be $105,000.

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.