A building with an appraisal value of $138,732 is made available at an offer price of $152,255. The purchaser acquires the property for $34,607 in cash, a 90-day note payable for $20,418, and a mortgage amounting to $53,350. The cost basis recorded in the buyer's accounting records to recognize this purchase is

a. $138,732

b. $152,255

c. $117,648

d. $108,375