Nickel Inc. purchased a tract of land as a possible future plant site in 2013. Valuable sulfur deposits were discovered on the land in March of 2018 and the company immediately began explorations on its property. In December of 2018, after incurring $800,000 in exploration costs, which were accumulated in an expense account, Nickel Inc. had the sulfur deposits appraised at $4,500,000 which is more than the value of the land. What should the company do to record the discovery of the deposits