Hilltop, Inc., purchased land in January 2009 at a cost of $270,000. The estimated market value of the land is $350,000 as of December 31, 2012.

Required
a. Name the December 31, 2012, financial statement(s) on which the land will be shown.
b. At what dollar amount will the land be shown in the financial statement(s)?
c. Name the key concept that will be used in determining the dollar amount that will be reported for land that is shown in the financial statement(s).