Land was acquired in 2018 for a future building site at a cost of $41,700. The assessed valuation for tax purposes is $27,700, a qualified appraiser placed its value at $48,900, and a recent firm offer for the land was for a cash payment of $45,700. The land should be reported in the financial statements at:

Multiple Choice

• $ 41,700.

• $ 48,900.

• $ 27,700.

• $ 45,700.