Answer:
The acre of land that it owns should be reported at $15,600
Explanation:
At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price
Since in the question, the land was purchased at $15,600 and various other land is also purchased in year 5. Moreover, the value of the land would also be increased to $27,600
But at the time of recording, the balance sheet would show at the purchase price i.e $15,600