Cost principle

On June $25,$ Tin Roofing extended an offer of $$300,000$ for land that had been priced for sale at $$375,000.$ On July $9,$ Tin Roofing accepted the seller's counteroffer of $$320,000.$ On October $1,$ the land was assessed at a value of $$400,000$ for property tax purposes. On December $22,$ Tin Roofing was offered $$450,000$ for the land by a national retail chain.

At what value should the land be recorded in Tin Roofing's records?