Boerkian Co. started 2011 with two assets: Cash of 26,000 (Stickles) and Land that originally cost 72,000 when acquired on April 4, 2008. On May 1, 2011, the company rendered services to a customer for 36,000, an amount immediately paid in cash. On October 1, 2011, the company incurred an operating expense of 22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows:

Assume that Boerkian was a foreign subsidiary of a U.S. multinational company and the U.S. dollar is the functional currency. On the December 31, 2011 balance sheet, what was the remeasured value of the Land account?

April 4, 2008 January 1, 2011 May 1, 2011 October 1, 2011 December 31, 2011 $1$.28 $1-$.29 S1-$.30 $i $.31