On April 20, 20X1, Jonathan, Steve, and Mark decided to liquidate their partnership. A formal liquidation plan was prepared and accepted by the partners on May 31, 20X1. On that date, the carrying value of land on the firm's books was $150,000. After accepting the liquidation plan, the partners engaged a valuation specialist to determine the land's fair value. The specialist assessed the land's fair value to be $180,000. The firm expected to incur a $50,000 cost in selling the land. According to ASC 360, the value of land to be presented in the financial statements would be a.$80,000
b. $150,000
c. $130,000
d. $180,000