Question: Land was acquired in 2 0 1 3 for a future building site at a cost of $ 4 0 , 0 0 0 .

Land was acquired in 2013 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:

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