Land was acquired in 2021 for a future building site at a cost of $40,200. The assessed valuation for tax purposes is $28,300, a qualified appraiser placed its value at $49,000, and a recent firm offer for the land was for a cash payment of $45,800. The land should be reported in the financial statements at: Multiple Choice $49,000 $40,200. O $45,800 $28,300