Answer:
The land should be recorded in the purchaser's books at $159,000.
Explanation:
Book keeping is the important term in the accounting and it records all the information of purchasing and selling amount from for a specific person to a large company.
As the buyer purchased the land in $159000, thus in his book it should be recorded as land purchased for $159000, and all the persons involved init from seller to intermediate organizations. All other tax processes and assessed values does not relate with the buyer. He just payed for the land and recorded it. Other values will be recorded in the book of seller and the book of intermediary organizations involved who assessed the land value as for the recording purposes.
