the president of your firm, Lesky and Lesky, has little background in accounting. Today, he walked into your office and said "A year ago we bought a piece of land for $100,000. This year, inflation has driven prices up by 6% and an appraiser just told us we could easily resell the land for $115K, Yet our balance sheet still shows it at $100,000. It should be valued at $115K. Thats what is worth. Or, at a minimum of $106K. Responde to this statement with specific reference to the accounting principles applicable to this situation.