Cost Concept On May 19, AAA Repair Service extended an offer of $147,000 for land that had been priced for sale at $168,000. On June 4, AAA Repair Service accepted the seller's counteroffer of $160,000. On October 10, the land was assessed at a value of $240,000 for property tax purposes. On February 5 of the next year, AAA Repair Service was offered $256,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records?