Phil paid $$75,000$ for his house. It is insured for $$65,000.$ The market value is $$85,000.$ The outstanding mortgage balance is $$68,000,$ and he has to pay annual real estate taxes of $$2,000.$ When Phil lists his house on his balance sheet, he should record:

$$75,000$

$$68,000$

$$65,000$

$$70,000$

$$85,000$