Cost Principle On June 25, AAA Repair Service extended an offer of $102,000 for land that had been priced for sale at $117,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $111,000. On October 1, the land was assessed at a value of $167,000 for property tax purposes. On December 22, AAA Repair Service was offered $178,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's records