Consistent with the principle, plant assets should be recorded at cost, which includes all the normal and reasonable expenditures necessary to get the asset in place and ready for its intended use.

Cost or historical cost  

Explanation:

According to the Cost Principle or Historical Cost Principle every firm is required to record its plant assets at the cost for which it is purchased along with the cost incurred for bringing the plant asset into use like the cost incurred on erection or installation of the plant.

Consistent with the historical cost principle , plant assets should be recorded at cost, which includes all the normal and reasonable expenditures necessary to get the asset in place and ready for its intended use.