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On June 25, McCade Repair Service extended an offer of $160,000 for land that had...

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Accounting

On June 25, McCade Repair Service extended an offer of $160,000 for land that had been priced for sale at $183,000. On July 9, McCade Repair Service accepted the seller's counteroffer of $174,000. On October 1, the land was assessed at a value of $261,000 for property tax purposes. On December 22, McCade Repair Service was offered $278,000 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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