A building with an appraisal value of $137,400 is made available at an offer price of $152,472. The purchaser acquires the property for $38,466 in cash, a 90-day note payable for $24,917, and a mortgage amounting to $53,013. The cost basis recorded in the buyer's accounting records to recognize this purchase is:

$116,396

Explanation:

Given that,

Building with an appraisal value = $137,400

Offer price = $152,472

Purchaser acquires the property for cash = $38,466

Note payable = $24,917

Mortgage = $53,013

Total amount to be paid:

= Cash paid + Note payable + Mortgage taken

= $38,466 + $24,917 + $53,013

= $116,396

Therefore, the cost basis recorded in the buyer's accounting records to recognize this purchase is $116,396.

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