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On February 3, Clairemont Repair Service extended an offer of $360,000 for land
$ 2.00

On February 3, Clairemont Repair Service extended an offer of $360,000 for land that
had been priced for sale at $400,000. On February 28, Clairemont Repair Service accepted
the seller’s counteroffer of $380,000. On October 23, the land was assessed at a value of
$390,000 for property tax purposes. On January 15 of the next year, Clairemont Repair
Service was offered $450,000 for the land by a national retail chain. At what value should
the land be recorded in Clairemont Repair Service’s records?

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