Your client, Fred Flintstoni, is the CEO of Snap, Krackle, and Stop, Incorporated (SKSI), which has a Fiscal Year of January 1 through December 31. Fred informs you that SKSI purchased an improved lot in 2019 where the new headquarters building will be constructed. The lot cost $1,500,000 and late in 2019, SKSI had the lot appraised and the appraisal reported the lot had a Fair Market Value of $1,800,000. Another corporation, Jets Are Us, offered SKSI $1,650,000 for the lot on December 30, 2019. What amount will be shown on the SKSI Balance Sheet as of December 31, 2019, for the lot?

$1,650,000

$1,800,000

$1,500,000

None of the Above