Cost Concept On February 3, Gallatin Repair Service extended an offer of $89,000 for land that had been priced for sale at $102,000. On February 28, Gallatin Repair Service accepted the seller's counteroffer of $97,000. On October 23, the land was assessed at a value of $146,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered 5155,000 for the land by a national retail chain, At what value should the land be recorded in Gallatin Repair Service's records