On July 10, Elrod Repair Service extended an offer of $100,000 for land that had been priced

Question:

On July 10, Elrod Repair Service extended an offer of $100,000 for land that had been priced for sale at $120,000. On July 25, Elrod Repair Service accepted the seller’s counteroffer of $112,000. Describe how Elrod Repair Service should record the land.