Land was acquired in 2021 for a future building site at a cost of $40,900. The assessed valuation for tax purposes is $27,300, a qualified appraiser placed its value at $48,200, and a recent firm offer for the land was for a cash payment of $45,300. The land should be reported in the financial statements at: Mutiple Choice $48,200 O $45,300 $27,300 $40.900