Land was acquired in 2021 for a future building site at a cost of $40,200. The assessed valuation for tax purposes is $28,200, a qualified appraiser placed its value at $49,800, and a recent firm offer for the land was for a cash payment of $45,900. The land should be reported in the financial statements at: Multiple Choice o $49,800. o $40,200. o $28,200. o $45,900