If a company is considering the purchase of a parcel of land that was acquired by the seller for $97,000, is offered for sale at $174,000, is assessed for tax purposes at $107,000, is recognized by the purchaser as easily being worth $164,000, and is purchased for $161,000, the land should be recorded in the purchaser's books at Multiple Choice $107,000. $161,000 $162,500.