Item Skipped Item 1 Land was acquired in 2024 for a future building site at a cost of $41,700. The assessed valuation for tax purposes is $27,300, a qualified appraiser placed its value at $49,000, and a recent firm offer for the land was for a cash payment of $45,800. The land should be reported in the financial statements at:

Multiple Choice

$45,800.

$41,700.

$49,000.

$27,300.