The City of Fairbanks Sold Land for Its Appraised Value

The city of Fairbanks sold land for its appraised value to the Big Oil Company on June 1, 2010, that originally cost the city $1, 000, 000.On June 1, 2010, the land was appraised at a value of $1, 250, 000, and on December 31, 2010, the land's value was estimated to be $1, 400, 000.On Big Oil Company's balance sheet at December 31, 2010, the land should be valued at

A) $1, 400, 000
B) $1, 250, 000
C) $1, 000, 000
D) $ 0