A Government School facility is to be valued, for asset register purposes. The facility is 15 years old. The total floor space is 24,000 square feet. It occupies a site of 2 acres. It is in a residential and commercial area. It is zoned Low Density Residential. The external surfaces are a total area of 16,000 square feet. These are agreed as half way through serviceable life. The most recent local land sale was a site that sold for $1,000,000 per acre, tha site has the planning designation Aeditum Density Residential. The most recent new school built cost $250 per square foot for the buildings, an $100 per square foot for the external surfaces. (Excluding Land) The assumed serviceable life of the new school is 60 years. Assess the value, assume that you are reporting to the Government. State any assumptions