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On December 31, 20X8, Mr. and Mrs. Williams owned a parcel of land held as an investment. The land was purchased for $40,000 in 20X6, and was encumbered by a mortgage with a principal balance of $30,000 at December 31, 20X8. On this date the fair value of the land was $75,000. In the 2 Williams' December 31, 20X8, personal statement of financial condition, at what amount should the land investment and mortgage payable be points reported? 03:39:57 Land Mortgage Investment Payable A) $10 , 000 S B) $75 , 000 $30, 000 C) $40 , 000 $30 , 000 D ) $45, 000 $