Land was acquired in 2024 for a future building site at a cost of $41,000. The assessed valuation for tax purposes is $28,900, a qualified appraiser placed its value at $48,600, and a recent firm offer for the land was for a cash payment of $45,200. The land should be reported in the financial statements at: Multiple Choice $45,200. $41,000. $28,900. $48,600