rmn.2 Current Attempt in ProgressTamarisk Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing thecompany's new corporate headquarters on the land. The land and old building were purchased for $559,000. Closing costs were$6,380. The old building was removed at a cost of $47,600. After readying the land for its intended use, and while waiting forconstruction to begin, Tamarisk generated net revenue of $4,010 from using the land as a parking lot.Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $4,010, if Tamarisk prepares financialstatements in accordance with (a) IFRS and (b) ASPE.Land cost$The net revenue of $4,010should beIFRSASPEIFRSASPE>

Under IFRS and ASPE, the cost of land includes all the expenditures which are necessary to acquire…

Tamarisk Brothers Inc. purchased land and an old building with the intention c company's new corporate headquarters on the land. The land and old building $6,380. The old building was removed at a cost of $47,600. After readying the construction to begin, Tamarisk generated net revenue of $4,010 from using t Determine the amount to be recorded as the land cost, and the treatment of t statements in accordance with (a) IFRS and (b) ASPE. IFRS ASPE