Except in rare cases, land retains its usefulness indefinitely. Land therefore continues to be reported on the balance sheet at its acquisition cost, in accordance with the - concept.

This is because land is a [monetary / nonmonetary] asset.

If Hanover Hospital purchased a plot of land in 1996 at a cost of $300,000, it would have been reported at $ on the December 31, 1996, balance sheet. If Hanover Hospital still owned the land in 2012, and its market value then was $525,000, it would be reported on the December 31, 2012, balance sheet at [$300,000 /
$525,000].