Mead Co.'s trial balance included the following account balances at December 31, 2016: Investments consist of treasury bills that were purchased on November 30, 2016 and mature in January 31, 2017. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Mead's December 31, 2016, balance sheet? $135,000. $85,000. $55,000. $88,000. Land was acquired in 2015 for the construction of an office building in the future. The acquisition cost of the land is $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its fair value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. Under U.S. GAAP, the land should be reported in the financial statements at: $46,000. $27,000. $48,000. $40,000. When a component of a business has been discontinued during the year, this component's operating losses of the current period should be included in the: Income statement as part of revenues and expenses. Income statement as part of the income (loss) from continuing operations. Shareholders' equity statement as a direct decrease in retained earning. Income statement as part of the gain (loss) on disposal of the discontinued component