Land was acquired in 2021 for a future building site at a cost of $41,600. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $49,500, and a recent firm offer for the land was for a cash payment of $44,400. The land should be reported in the financial statements at:

• $27,000.

• $49,500.

• $41,600.

• $44,400.