Bluebell Ltd has the following issues regarding its financials: (a) On January 2014 Bluebell Ltd revalued to 800,000 a building which had cost 500,000 when acquired on January 2011. The building was depreciated using straight line depreciation at a rate of 10% per annum. The useful economic life of the building remains unchanged. Required Show how the building will be accounted for in the financial statements of Bluebell Ltd from 2011 to 2014. (5 marks) (b) Bluebell Lid entered into a two-year agreement to hire a new machine for 3,000 per quarter at the start of 2014, payable in arrears. The machine has a useful economic life of five years and the leasing company has responsibility for maintaining the machine. Bluebell Ltd will return the machine to the leasing company at the end of the two years. The fair value of the machine is 100,000. The company depreciates similar assets using the reducing balance method with a rate of 15%. Required Show how Bluebell Ltd will account for the lease in the financial statements for 2014 and 2015. (5 marks) (e) Bluebell Ltd owns several brands of fertilizers. Some of them are purchased and others are internally generated. The financial director of Bluebell Ltd is not quite sure about the accounting issues for these brands. Required: Discuss the accounting treatment of internally and externally generated intangible assets. (5 marks) (d) Bluebell Ltd purchased a number of land holdings two years ago on which (after receiving planning permission), it erects the new factory. Because of the prime location of the land holdings, their market value has increased substantially since the original purchase. Bluebell Ltd is also able to lease part of the sites to companies. Required: Explain the financial director of Bluebell Ltd how these land holdings should be treated in financials and what potential issues for accounting may arise. (5 marks) (e) Bluebell Ltd conducts some research regarding production of new fertilizers. Some findings (but not all of them) are really encouraging and the production will begin in the nearest future. The financial director was asked to use all the ways not to charge the expense which were incurred during the last two years to income statement. Required: Define research and development and discuss the accounting concepts used to determine the accounting treatment of research and development. (5 marks) Answer all parts of the question as if they are not connected