On December 31,2008,Mr.and Mrs.Williams owned a parcel of land held as an investment.The land was purchased for $40,000 in 2006,and was encumbered by a mortgage with a principal balance of $30,000 at December 31,2008.On this date the fair value of the land was $75,000.In the Williams' December 31,2008,personal statement of financial condition,at what amount should the land investment and mortgage payable be reported?

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The Answer of On December 31,2008,Mr.and Mrs.Williams owned a parcel of land held as an investment.The land was purchased for $40,000 in 2006,and was encumbered by a mortgage with a principal balance of $30,000 at December 31,2008.On this date the fair value of the land was $75,000.In the Williams' December 31,2008,personal statement of financial condition,at what amount should the land investment and mortgage payable be reported?