Land was acquired in 2016 for a future building site at a cost of $40.200. The assessed valuation for tax purposes is $28.000, a qualified appraiser placed Its value at $49,400 and a recent firm offer for the land was for a cash payment of $44.900. The land should be reported in the financial statements at O $ 40:200 O $ 28000. $44,900 O $ 49.400