Bundaberg Ltd purchased a block of land on 31 March and paid $500000 cash to the land owner. An independent evaluation reveals that the land is worth $400000. Using Historical cost as a measurement base, how should Bundaberg Ltd recognise this purchase of land in its financial statements? a. $400000 recognised as an asset (land) and $100000 as a liability. b. $400000 recognised as an asset (land). c. $500000 recognised as an asset (land). d. The land should not be recognised as an asset as it cannot be reliably measured. a. $400000 recognised as an asset (land) and $100000 as a liability. b. $400000 recognised as an asset (land). c. $500000 recognised as an asset (land). d. he land should not be recognised as an asset as it cannot be reliably measured