Wilson Company owns land that cost $100,000. If a "quick sale" of the land was necessary to generate cash, the company feels it would receive only $80,000. The company continues to report the asset on the balance sheet at $100,000. Which of the following concepts justifies this?

a. The historical-cost principle.

b. The value is tied to objective and verifiable past transactions.

c. Neither of the above.

d. Both aand b