A person donates a plot of land within a developed residential area to an entity. The land is currently used as a playground. The donor specifies that the entity must continue using the land as a playground into perpetuity. After looking at relevant documentation, the entity determines that it is free to sell the land and the donor's restriction would not be transferred to market participants if the asset was sold. The entity is also free to sell the land. The land is also subject to an easement/legal right that allows the utility company to run power lines across the land. Residential plots of similar size are being sold for $100,000. Playground plots have never been sold in the local area. However a real estate agent states that plots of similar size without planning permission sell for $60,000. A local real estate agent believes that the probability of the utility company using its easement is 50%. If the power lines are built, it would reduce the residential value of the plot by 90%. Required: Determine the fair value of the land according to U.S. GAAP and IFRS. Email me your measurement amount(s) together with a brief explanation of how your reached your answer(s) by Tuesday 10/18 at 5.00 pm. 5