Cost Concept

On May 19, Obermayer Repair Service extended an offer of $167,000 for land that had been priced for sale at $190,000. On June 4, Obermayer Repair Service accepted the seller's counteroffer of $181,000. On October 10, the land was assessed at a value of $272,000 for property tax purposes. On February 5 of the next year, Obermayer Repair Service was offered $290,000 for the land by a national retail chain.

At what value should the land be recorded in Obermayer Repair Service's records? $