On February 3, McCade Repair Service extended an offer of $98,000 for land that had been priced for sale at $111,000. On February 28, McCade Repair Service accepted the seller's counteroffer of $106,000. On October 23, the land was assessed at a value of $159,000 for property tax purposes. On January 15 of the next year, McCade Repair Service was offered $170,000 for the land by a national retail chain.

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