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What the land should be reported in the financial statements

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Reference no: EM132872159

Question - Land was acquired in 2021 for a future building site at a cost of $41,000. The assessed valuation for tax purposes is $27,700, 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. What the land should be reported in the financial statements?

a. $45,300.

b. $27,700.

c. $49,000.

d. $41,000.

Reference no: EM132872159

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