On February 7, Rabbie's Repair Service extended an offer of $68,000 for land that had been priced for sale at $74,000. On February 21, Rabbie's Repair Service accepted the seller's counteroffer of $72,000. On April 30, the land was assessed at a value of $110,000 for property tax purposes. On August 30, Rabbie Repair Service was offered $120,000 for the land by a national retail chain. At what value should the land be recorded in Rabbie Repair Service's records? O a $120,000 O b. $72,000 O c. $74,000 O d. $110.000