Cost principle

On June 25, Tin Roofing extended an offer of $110,000 for land that had been priced for sale at $126,000. On July 9, Tin Roofing accepted the sellers counteroffer of $120,000. On October 1, the land was assessed at a value of $180,000 for property tax purposes. On December 22, Tin Roofing was offered $192,000 for the land by a national retail chain.

At what value should the land be recorded in Tin Roofings records? fill in the blank 1 of 1$