Suppose you bought two pieces of land for $100,000 each, the first piece has permanently appreciated in value and is now worth $120,000, while the second piece has permanently reduced in value to $75,000. Applying conservatism and the historical cost principles, how would you account for the change in value of the two pieces of land?

a. I would leave both pieces of land at $100,000 each on the books.
b. I would leave the first piece of land at $100,000 and write the second down to $75,000.
c. I would write up the first piece of land to $120,000 and the second down to $75,000.
d. I would write the first piece of land up to $120,000, and leave the second piece of land at $100,000.