Identify the amount at which each of the following assets should be reported in the financial statements of Loew's Company. Cite the concept, principle, or constraint that is most applicable to each answer.

a. Loew's purchased a machine for \(\$ 16,000\) less a \(\$ 1,300\) cash discount. To ship the machine to the office, Loew's paid transportation charges of \(\$ 500\) and insurance of \(\$ 200\) while in transit. After using the machine for one month, Loew's purchases lubricating oil costing \(\$ 150\) for use in operating the machine.

b. Inventory has a cost of \(\$ 42,000\), but its current market value is \(\$ 39,400\).

c. Loew's purchased land for \(\$ 222,000\) and paid \(\$ 2,500\) to have the land surveyed, \(\$ 15,400\) to have old buildings removed, and \(\$ 40,300\) for grading land. Loew's is offering the land for sale at \(\$ 225,000\) and has received a \(\$ 200,000\) offer.