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Cost Concept On February 3, McCade Repair Service extended an offer of $100,000 for land that had been priced for sale at $114,000. On February 28, McCade Repair Service accepted the seller's counteroffer of $109,000. On October 23, the land was assessed at a value of $164,000 for property tax purposes. On January 15 of the next year, McCade Repair Service was offered $174,000 for the land by a national retail chain. At what value should the land be recorded in McCade Repair Service's records? 174,000 X