Welcome to the accounting convention of historical cost.
Historical cost convention means that assets and liabilities must be stated at their historical cost and not at market value. The only time when accounting records move away from this concept is when the business is being liquidated, where their assets are not longer used in business but are for sale.
Why do we use the historical cost? It is to ensure that the records are kept reliable. However some may argue that this does not provide a true and fair view of what the business is worth as some assets may increase in value of their lifetime, such as land. In such cases, there are methods of revaluing these which will be discussed at a higher level.
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