Why may a company's market value of assets and its book value of assets be extremely different values? Some assets, including land, must be recorded on a firm's balance sheet at historical cost even if this is not at all in line with their current market value. Depreciation of assets may not mirror the actual economic changes in value of such assets. Some firms hold a great deal of their value in intangible assets which typically have no place on a firm's balance sheet O All of the above