Cost Concept On February 3, Easy Repair Service extended an offer of $127,000 for land that had been priced for sale at $145,000. On February 28, Easy Repair Service accepted the seller's counteroffer of $138,000. On October 23, the land was assessed at a value of $207,000 for property tax purposes. On January 15 of the next year, Easy Repair Service was offered $221,000 for the land by a national retail chain. At what value should the land be recorded in Easy Repair Service's records?