On June $25,$ Obermayer Repair Service extended an offer of $$74,000$ for land that had been priced for sale at $$84,000.$ On July $9,$ Obermayer Repair Service accepted the seller's counteroffer of $$80,000.$ On October $1,$ the land was assessed at a value of $$120,000$ for property tax purposes. On December $22,$ Obermayer Repair Service was offered $$128,000$ for the land by a national retail chain.

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