Blake just purchased a condo for his business for $86,000 that would have cost $72,000 nine years ago. Blake had wanted to purchase the condo for the last nine years.

At which amount should Blake report the condo on a Balance Sheet prepared in accordance with GAAP (Generally Accepted Accounting Principles)?

Group of answer choices

Either amount is acceptable under GAAP

$72,000; because Blake had intentions of purchasing the property nine years ago

$86,000; because Blake paid $86,000 for the condo

A fairly determined amount between $72,000 and $86,000