You learned in Part 1 that 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. You learned that 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. Its fair value on December 31, 2012, would be:

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