On February 3, Easy Repair Service extended an offer of $116,000 for land that had been priced for sale at $132,000. On February 28, Easy Repair Service accepted the seller's counteroffer of $126,000. On October 23, the land was assessed at a value of $189,000 for property tax purposes. On January 15 of the next year, Easy Repair Service was offered $202,000 for the land by a national retail chain.

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