On october 10 the land was assessed at a value of 173000, Accounting Basics

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On october 10 the land was assessed at a value of 173000

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?

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Accounting Basics: On october 10 the land was assessed at a value of 173000

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