On May 19, Snap Repair Service extended an offer of $98,000 for land that had been priced for sale at $111,000. On June 4, Snap Repair Service accepted the seller's counteroffer of $106,000. On October 10, the land was assessed at a value of $159,000 for property tax purposes. On February 5 of the next year, Snap Repair Service was offered $170,000 for the land by a national retail chain.

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