In 2013, Sheffield Corp. purchased a tract of land as a possible future plant site. In January, 2021, valuable sulphur deposits were discovered on adjoining property and Sheffield Corp. immediately began explorations on its property. In December, 2021, after incurring $494000 in exploration costs, which were accumulated in an expense account, Sheffield discovered sulphur deposits appraised at $2660000 more than the value of the land. To record the discovery of the deposits, Sheffield should

debit $494000 to an asset account.

debit $3154000 to an asset account.

make no entry.

debit $2660000 to an asset account.