It is September 24, 2020, and your company is considering the purchase of land for future expansion. The seller is asking $50,000 for the land, which cost them $35,000 four years ago. An independent appraiser assigns the land a value of $47,000. You offer the seller $44,000 for the land and they come back with a counter-offer of $48,000. You and the seller end up settling on a purchase price of $46,000 for the land.

When you record the purchase of this land in your accounting records, at what value will you record it?