Suppose Allen Inc. is a publicly traded company in the United States. The company purchased a piece of land for operational usage in 2008. The acquisition cost for the land was $1 million but its current market value as of August 2012 is $1.4 million. In August 2012, Allen Inc. purchased 500 units of products for $125,000 (unit cost is the same for each product), sold and shipped 240 units to a long-term customer (customer A) for a total invoice price of 72,000. Customer A paid $22,000 cash and promised to pay the balance in $10,000 installments in the next five months (September through January).
How should the piece of land be reported on Allen Inc.'s Balance Sheet as of August 31, 2012?