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Question(s) / Instruction(s):

A building with an appraisal value of $147,000 is made available at an offer price of $152,000.  The purchaser acquires the property for $35,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $65,000.  The cost basis recorded in the buyer's accounting records to recognize this purchase is

a)            $147,000                                              

b)            $145,000                             

c)            $110,000                                              

d)            $152,000                                              

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