Theme Park City has been in operation for 50 years. The company runs a major theme park in Orlando that comprises over 1,500 acres of prime real estate in the area. These acres were purchased in 1952 for a cost of $15,000 and currently are valued at $143,000,000. Donald Mallard, the CEO of the corporation would like to get a major loan to finance the building of a second theme park in Virginia. Unfortunately, the company's financial statements are not strong because of the low amount of assets specifically the land at $15,000.
Mallord asks the Controller Minnie Rodant to restate the financial statements using the property tax value of the land of $120,000,000. Should Minnie do this?