Variant $20$

Section A $-$ Accounting essentials:

Karen Sommers Travel Agency purchased land for $$90,000$ cash on December $10,2010.$ At December $31,2010,$ the land's value has increased to $$93,000.$ What amount should be reported for land on Karen Sommers's balance sheet at December $31,2010?$ Explain. $(2$ points$)$