A plot of land purchased 10 years ago for $200,000 is worth $300,000 today. If this land is used for a new project site,

1. Its original cost of $200,000 should be part of the cost of the project
2. Its current value of $300,000 should be part of the cost of the project
3. It should not enter the project cash flow since it is vacant and owned
4. It should not enter the project because its cost is a sunk cost