Peace Lake Corporation acqured 70 percent of the outstanding voting stock of True Color, Inc, on January 1, 2021, when True Color had a net book value of $440,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year. In 2021, True Color sold lamd costing $34,000 to Peace Lake for $58,000. On the 2022 consolidated balance sheet, what value should be reported for land?

Choices:

$23,800

$40,600

$34,000

$58,000