Land was acquired in 2013 for a future building site at a cost of $40,400. The assessed valuation for tax purposes is $28,700, a qualified appraiser placed its value at $48,800, and a recent firm offer for the land was for a cash payment of $44,500. The land should be reported in the financial statements at:

a)	$ 48,800.
b)	$ 28,700.
c)	$ 40,400.
d)	$ 44,500.