Aztec Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $100,000. The Majestic Company initially offered to buy the land for $87,000. The companies settled on a purchase price of $95,000. On the same day, another piece of land on the same block sold for $102,000.
Under the cost concept, what is the amount that will be used to record this transaction in the accounting records?
a) $100,000
b) $102,000
c) $95,000
d) $87,000