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On June 25, AAA Repair Service extended an offer of $135,000 for land that had been priced for sale at $154,000. On July 9, AAA

On June 25, AAA Repair Service extended an offer of $135,000 for land that had been priced for sale at $154,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $147,000. On October 1, the land was assessed at a value of $221,000 for property tax purposes. On December 22, AAA Repair Service was offered $235,000 for the land by a national retail chain.

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

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