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Sarasota Co. purchased land in 1952 for $200,000. They paid $25,000 as a down paymentand borrowed the remaining $175,000. The land was appraised most recently

Sarasota Co. purchased land in 1952 for $200,000. They paid $25,000 as a down paymentand 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

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