The fair value of most assets is known on the date the asset was acquired because the buyer and the seller agreed on the amount. If Garsden Company purchased a plot of land in 2002 for $100,000, this land would have been reported on its December 31, 2002, balance sheet as $100,000. What was its fair value on December 31, 2012?

A. $100,000 B. More than $100,000 C. Garsden doesn’t know.