I bought land in 1982 for $1,200,000. In 2004 the land was appraised at $ 1,795,000. The land would appear on the books in 2004 at??

Would it be the Appraised amount the purchase amount?
1,795,000-1,2000,000 = $595,000

OR
Would it just be the Appraised amount??
Which is 1,795,000