1 pts Question 3 The following data relate to land purchased by Becky one year ago: - Becky purchased land for $812,000 one year ago. - Becky has total long-term debt of $910,000. Of this amount, $560,000 relates to the purchase of the land. . - Becky's long-term plan is to sell the land for at least $1,200,000 in order to finance the purchase of other pieces of land in the area - Comparable land sales data in the local area suggest that the average selling price for an equivalent piece of land has been about $907,000 during the past year. What is the FAIR VALUE of this land? $910,000 $812,000 $560,000 $1,200,000 $907,000