Nguyen Limited buys land from its president for $390,000 in cash, which is the land's appraised value atthe time of the purchase. The land was purchased by the president 15 years ago for $65,000. (a) Assume that Nguyenfollows ASPE. Prepare the journal entry to record the purchase of the land. Use the decision tree in Illustration 23-5 toexplain your answer. What information should be disclosed for this transaction? (b) How would your answer to part (a)change if Nguyen were to follow IFRS?