On February 3, Gallatin Repair Service extended an offer of $122,000 for land that had been priced for sale at $140,000. On February 28, Gallatin Repair Service accepted the seller's counter offer or $133,000. On October 23, the land was assessed at a value of $200,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered $213,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Services records

$133,000

Explanation:

According to the historical cost principle, the assets should be recorded at the purchase price or the acquisition cost. In this, no other cost should be recorded like assessed value, land improvements, etc

Since in the given question the Gallatin accepted the seller counter offer i.e. $133,000 so the same is to be presented in the financial statements

hence, the land should be recorded at $133,000

An investigative report

Explanation:

An investigative report is created with the intent which is that it may be used in a court of law. The investigative report should be succinct and must focus on the mission of the investigation.

The investigator's primary purpose is to find information and evidence on a precise matter, in order to recover significant documents, or certain file types. The goal of the investigation is usually defined by ones client who could either be internal to the organization one works for or another lawyer or investigator.