High School
Burr Publishers purchased a building on March 20, 20Y1, for $160,000. Other amounts related to this purchase are as follows:Price listed by seller on Jan. 1, 20X1, $180,000Burr Publishers initial offer to buy on Jan. 31, 20X1, $140,000Purchase price on Mar. 20, 20X1, $160,000Estimated selling price on Dec. 31, 20X3, $220,000Assessed value for property taxes, Dec. 31, 20X3, $190,0001. Which amount related to this purchase should be recorded in the accounting records?a. 220,000.b. 180,000.c. 140,000.d. 160,000.2. The resources owned by a business are its _____.a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.3. The rights and claims of creditors on a company's assets are represented by _____.a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.4. Which element of the accounting equation represents the rights of owners?a. liabilities.b. owner's equity.c. assets.d. none of these choices are correct.