Use the Following Information for Questions

Use the following information for questions

-In 2004, Miles Company purchased a tract of land as a possible future plant site.In January, 2010, valuable sulphur deposits were discovered on adjoining property and Minton Company immediately began explorations on its property.In December, 2010, after incurring $500,000 in exploration costs that were accumulated in an expense account, Miles discovered sulphur deposits appraised at $2.5 million more than the value of the land.To record the discovery of the deposits, Miles should

A) make no entry.
B) debit $500,000 to an asset account.
C) debit $2,500,000 to an asset account.
D) debit $3,000,000 to an asset account.