On June 25, Gallatin Repair Service extended an offer of $64,000 for land that had been priced for sale at $74,000. On July 9, Gallatin Repair Service accepted the seller's counteroffer of $70,000. On October 1, the land was assessed at a value of $105,000 for property tax purposes. On December 22, Gallatin Repair Service was offered $112,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records