MC Qu. 14-70 Holly Day Company purchased a piece of land ...

Holly Day Company purchased a piece of land 10 years ago for $63,000. Holly Day company is considering selling the land. The piece of land was recently appraised for $133,000, they received an offer from a prospective buyer for $118,000, and a similar piece of land 5 blocks away recently sold for $126,000. How much should Holly Day Company report on its balance sheet for the piece of land?

a. $133,000

b. $63,000

c. $126,000

d. $118,000