Land was acquired in $2024$ 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:

Multiple Choice

$$40,000.$

$$27,000.$

$$48,000.$

$$46,000.$