On May 19, Gallatin Repair Service extended an offer of $101,000 for land that had been priced for sale at $116,000. On June 4, Gallatin Repair Service accepted the seller's counteroffer of $110,000. On October 10, the land was assessed at a value of $165,000 for property tax purposes. On February 5 of the next year, Gallatin Repair Service was offered $176,000 for the land by a national retail chain.At what value should the land be recorded in Gallatin Repair Service's records? $_______