Land was acquired in 2018 for a future building site at a cost of $46,000. 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 $40,000. The land should be reported in the financial statements at: Select one: O A. $48,000. OB. $46,000. C. $27,000. OD. $40,000