Land was acquired in 2021 for a future building site at a cost of $40,100. The assessed valuation for tax purposes is $27,200, a qualified appraiser placed its value at $49,800, 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: $ 27,200. $ 49,800 $ 44,500 $ 40,100