A construction company paid $82,000 cash for land used in the business At the time of purchase,

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Question:

A construction company paid $82,000 cash for land used in the business At the time of purchase, the land had a list price of $90,000 When the balance sheet was prepared, the fair value of the land was $85,000 At what amount should the land be reported on the balance sheet of the company?

A: $82,000

B: $85.000

C: $86,000

D. $88,000