34 On 15 September 2012, Tweed Ltd acquired land on a remote island at a cost of $100 000. The land was held for future development as a resort when transport to the is- land was made available. At each reporting date, Tweed Ltd made the following as- sessments of the net selling price of the land and the value of the land to the business if kept for future use: Date Net selling price Value in use 31 December 2012 $110 000 $130 000 30 June 2013 $90 000 $120 000 31 December 2013 $80 000 $90 000 30 June 2014 $120 000 $110 000 REQUIRED (a) At what amount should the land be recorded in the statement of financial posi- tion (balance sheet) of 'IWeed Ltd for each reporting date? (b) Assume that on 30 September 2014 the government cancelled all plans to provide transport to the island. There is no prospect of selling the land. The cost to Tweed Ltd of developing transport exceeds the present value of expected future benefits of operating the resort. How should Tweed Ltd account for this event? L0 4.2, 4.5