Rando Company has land that cost \($450,000\) but now has a fair value of \($600,000.\) Rando Company follows GAAP to account for the land. Which of the following statements is correct?

a. Rando Company must continue to report the land at \($450,000\).

b. Rando Company would report a net income increase of \($150,000\) due to an increase in the value of the land.

c. Rando Company would report the land at \($600,000\).

d. Rando Company would credit Retained Earnings by \($150,000\).