On May 19, AAA Repair Service extended an offer of $103,000 for land that had been priced for sale at $118,000.
On June 4, AAA Repair Service accepted the seller's counteroffer of $112,000.
On October 10, the land was assessed at a value of $168,000 for property tax purposes.
On February 5 of the next year, AAA Repair Service was offered $179,000 for the land by a national retail chain.
At what value should the land be recorded in AAA Repair Service's records?