Algoma Co. is a retailer of furniture with annual sales revenue of $2,500,000. When Algoma Co. prepared its financial statements, it showed the cost of land the company owned as $500,000. The resale value is $600,000. Algoma Co. should: restate the land value at $600,000 because of the historic cost concept restate the land value at $600,000 because of the conservatism concept show the land at a cost of $500,000 because of the historic cost and conservatism concepts show the land at a cost of $500,000 because of the matching and periodicity concepts