TB MC Qu. 1-103 (Algo) Land was acquired in 2021 for a future building site...

Land was acquired in 2021 for a future building site at a cost of $40,400. The assessed valuation for tax purposes is $27,200, a qualified appraiser placed its value at $49,000, and a recent firm offer for the land was for a cash payment of $45,300. The land should be reported in the financial statements at:

A. $40,400.

B. $49,000.

C. $45,300.

D. $27,200.