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A building with an appraisal value of $128,156 is made available at an offer price of $153,050. The purchaser acquires the property for $32,829 in cash, a 90-day note payable for $26,957, and a mortgage amounting to $57,415. The cost basis recorded in the buyer's accounting records to recognize this purchase is

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abiolataiwo2015

Answer:

$117,201

Explanation:

Calculation for what The cost basis recorded in the buyer's accounting records to recognize this purchase is

Using this formula

Cost basis=Cash+Note payable+Mortgage

Let plug in the formula

Cost basis=$32,829+$26,957+$57,415

Cost basis=$117,201

Therefore The cost basis recorded in the buyer's accounting records to recognize this purchase is $117,201

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