Land was acquired in 2016 for a future building site at a cost of $40,300. The assessed valuation for tax purposes is $28,000, a qualified appraiser placed its value at $50,000, and a recent firm offer for the land was for a cash payment of $44,000. The land should be reported in the financial statements at:

a) $ 28,000.

b) $ 50,000.

c) $ 44,000.

d) $ 40,300.