On December 31, 20X7, Mr. and Mrs. McManus owned a parcel of land held as an investment. They had purchased it for $95,000 in 20X0, and the mortgage on it had a principal balance of $60,000 at December 31, 20X7. On this date, the land’s fair value was $150,000. In the McManuses’ December 31, 20X7, personal statement of financial condition, at what amount should the land investment and mortgage payable be reported?

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Land Investment Mortgage Payable $150,000 95,000 $60,000 b. 90,000 P d. 35,000 60,000 0 0