Simmons company owned a tract of land that is listed for sale at $475,000, appraised by a local realtor as having a fair market value of $450,000, and assessed for property tax purposes at $400,000. after extensive negotiations with hilo company, simmons sold the land to hilo for $425,000. the land is reported on hilo’s balance sheet at $425,000.
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Simmons company owned a tract of land that is listed for sale at $475,000, appraised by a local real...
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