ACC 201 - guide - Assignment Obj 1-2 Generally Accepted Accounting Principles (GAAP)

On May 19, McCade Repair Service extended an offer of $106,000 for land that had been priced for sale at $121,000. On June 4, McCade Repair Service accepted the seller's counteroffer of $115,000. On October 10, the land was assessed at a value of $173,000 for property tax purposes. On February 5 of the next year, McCade Repair Service was offered $184,000 for the land by a national retail chain.

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