On February 3, Obermayer Repair Service extended an offer of $107,000 for land that had been priced for sale at $122,000. On February 28, Obermayer Repair Service accepted the seller's counteroffer of $116,000. On October 23, the land was assessed at a value of $174,000 for property tax purposes. On January 15 of the next year, Obermayer Repair Service was offered $186,000 for the land by a national retail chain. At what value should the land be recorded in Obermayer Repair Service's records

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of