Harrod's Inc

Harrod's inc.purchased land for ?50,000 in 2001.At December 31, 2010, an appraisal determined the fair value of the land is ?65,000.If Harrod's follows the cost principle, in the 2010 financial statements, the land will be reported at

A) ?50,000 on the statement of financial position.
B) ?65,000 on the statement of financial position.
C) ?50,000 on the income statement.
D) ?65,000 on the income statement.