Asset Valuation Landon Corporation purchased a tract of land for $150,000 roughly twenty years ago and has now divided the land into two parcels. The company intends to sell one of the parcels and keep the other. Landon estimates it can sell the one parcel for $280,000. It already has a firm offer of $180,000 from a local business, and it has a tentative offer from the brother of the president of Landon Corporation for $325,000.

a. What accounting concepts and objectives might be used by the president of Landon in support of recognizing the value of the parcel at $280,000?

b. What accounting concepts and objectives might be used to argue against recognizing the proposed value?

c. Is it appropriate to revalue one of the parcels and not revalue the other?

d. At what amount should the parcels be valued?