In 1999, the Denim Company bought land that cost $15,100. In 2010, a similar piece of land was bought for $28,100 and the company's existing land was estimated to be worth $18,100. On the balance sheet at the end of 2010, the land that was purchased in 1999 would be reported at:

$18,100.

$28,100.

$15,100.

the average of three prices.