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On May 7, Carpet Barn Company offered to pay $70,720 for land that had a...

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Accounting

On May 7, Carpet Barn Company offered to pay $70,720 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $85,260. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $134,460 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?

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