1. On November 23, Terrier Repair Service extended an offer of $40,000 for land that had been priced for sale at $48,500. On December 2, Terrier Repair Service accepted the seller's counteroffer of $44,000. On December 27, the land was assessed at a value of $50,000 for property tax purposes. On April 1, Terrier Repair Service was offered $75,000 for the land by a national retail chain. At what value should the land be recorded in Terrier Repair Service's records?