On February 7, McCade Repair Service extended an offer of $63,000 for land that had been priced for sale at $72,000. On February 21, McCade Repair Service accepted the seller's counteroffer of $69,000. On April 30, the land was assessed at a value of $104,000 for property tax purposes. On August 30, McCade Repair Service was offered $110,000 for the land by a national retail chain. At what value should the land be recorded in McCade Repair Service's records?