Land was acquired in 2021 for a future building site at a cost of $40,000. the assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. the land should be reported in the financial statements at:

The land should be reported in the financial statements at $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $40,000 and moreover, it is assessed for the tax purpose for $27,000 and by other appraisers it was valued at $48,000 plus there is an offer of cash payment for $46,000

But at the time of recording, the balance sheet would show at the purchase price i.e $40,000

answer; im thinking customer:

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number