Land was acquired in 2024 for a future building site at a cost of $40,800. The assessed valuation for tax purposes is $28,700, a qualified appraiser placed its value at $48,100, 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 $28,700. $40,800. $48,100. $45,200