Assets are usually reported on the balance sheet at which amount? 1. cost 2. current market value 3. expected selling price

cost depending on historical cost principle

COST

1.
Cost

current market value

assets recorded at historical cost in the date of purchased but according to IFRS we make revaluation for the assets when the recorded assets value less than the market price which call the impairment of the assets

Recorded at cost.
assets are tested regularly at each closing year whether there is an impairment of fixed assets which it will affect the IS or revaluation surplus and it will be recorded directly to equity

Assets recorded at historical cost

normally they are recorded on COST

Long Term Assets

Fixed assets including intangible assets other than Land are reported at historical cost less accumulated depreciation.

Land is valued at historical cost and is not depreciable

Long Term Investments are reported at their historical cost or market value

Current Assets

Marketable securities (Short term investments) are reported at their market value

Accounts receivable, net of their realizable value (reduced by allowance for doubtful accounts)

 Inventory is valued at the lower of the cost or market price to preclude overstating earnings and assets

Assets are normally reported at historical cost although depreciable assets are reported along with their accumulated depreciation, and so their current value is somewhat depicted.
Also, inventory may be reported at lower of market value or cost.
It is pretty much up to management what judgments are made when reporting the business on financial statements and this is one of the limitations of the financial statements.

Assets are usually reported at their cost. This is one of the limitations of the balance sheet. But it's still apt for most industries because of the following reasons: 1) A company is assumed to be continuing in business and will not be liquidating. 2) Historical cost is objective and easily auditable