ACCOUNTING: financial statement question!!!?

[Temperance Nichols]

JMD, Inc., purchased land in January 2009 at a cost of $260,000. The estimated market value of the land is $350,000 as of December 31, 2011.

Name the December 31, 2011, financial statement(s) on which the land will be shown:

choose onf of the three:

Land will be shown on the 2010 balance sheet.
Land will be shown on the 2009 balance sheet.
Land will be shown on the 2011 balance sheet

 

[Old Guy]

The land would be reported for the first time on the 2009 balance sheet, and every year thereafter unless it is sold.