On June 25, Tin Roofing extended an offer of $109,000 for land that had been priced for sale at $125,000. On July 9, Tin Roofing accepted the seller's counteroffer of $119,000. On October 1, the land was assessed at a value of $179,000 for property tax purposes. On December 22, Tin Roofing was offered $190,000 for the land by a national retail chain. At what value should the land be recorded in Tin Roofing's records? $

On June 25, Tin Roofing extended an offer of $109,000 for land that had been priced for sale at $125,000, On July 9 , Tin Roofing accepted the seller's counteroffer of $119,000. On October 1 , the land was assessed at a value of $179,000 for property tax purposes: On December 22 , Tin Roofing was offered $190,000 for the land by a national retail chain. At what value should the land be recorded in Tin Roofing's records