If a company is considering the purchase of a parcel of land that was acquired by the seller for $102,000, is offered for sale at $184,000, is assessed for tax purposes at $112,000, is recognized by the purchaser as easily being worth $174,000, and is purchased for $171,000, the land should be recorded in the purchaser's books at:
A. $112,000.
B. $174,000.
C. $172,500.
D. $184,000.
E. $171,000.
Answer: E
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