Which of the following statements regarding the concepts underlying the balance sheet are true?

A company buys land for $5 million dollars in 1983. The land is now worth $15 million. The company should increase the book value of this asset on its balance sheet to reflect its current value.

All events affecting the current value of a company are reported on the balance sheet.

Under Generally Accepted Accounting Principles, assets are generally written down if the market value declines, but are not written up if the market value increases.

According to the cost principle, assets are valued at their replacement cost.