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2 Cost Principle On June 25, Easy Repair Service extended an offer of $121,000 for land that had been priced for sale at $138,000. On

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2 Cost Principle On June 25, Easy Repair Service extended an offer of $121,000 for land that had been priced for sale at $138,000. On July 9, Easy Repair Service accepted the seller's counteroffer of $131,000. On October 1, the land was assessed at a value of $197,000 for property tax purposes. On December 22, Easy Repair Service was offered $210,000 for the land by a national retail chain. At what value should the land be recorded in Easy Repair Service's records

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