Homevestors Purchased Land for $400,000 in 2001

Homevestors purchased land for $400,000 in 2001. In 2013, an independent appraiser assessed the value of the land at 900,000. At what amount should the land be recorded on the company's 2013 financial statements?

A) at its cost of $400,000
B) at its $900,000 appraised value
C) at $500,000, the difference between the land's cost and assessed value
D) whichever amount the company considers to be the best indicator of the land's true value