Sarasota Co. purchased land in 1952 for $200, 000. They paid $25,000 as a down payment and borrowed the remaining $175,000. The land was appraised most recently in 2010 at $800, 000. Sarasota believes that at December 31, 2012, the land is worth $1, 200, 000. At what amount should Sarasota report the land on its balance sheet at December 31, 2013? A. $1, 200, 000 B. $800, 000 c. $25,000 D. $200, 000 E. None of the above Explain why adjusting entries are needed. Provide some examples of instances where an adjusting entry would be required