C23.3 - Related Party Transactions (6 marks) Mr. Benson owns 70% of the shares of Uptown Ltd. His spouse, Mrs. Benson owns 65% of the shares of Downtown Corporation. Uptown sold a parcel of land to Downtown for $260,000 cash. The land had a fair market value of $250,000 a carrying value on Uptown's books of $275,000. Identify the value that should be used by both Uptown and by Downtown to record transaction in each of the following independent situations. Assume that both companies follow ASPE. a) The sale of the land was considered to be outside the normal course of both businesses. What amount would be used to record this transaction $ b) The sale of the land was considered to be in the normal course of both businesses and the transaction has no commercial substance. What amount would be used to record this transaction c) The sale of the land was in exchange for a second parcel of land, this was considered to be in the normal course of both businesses and the transaction does not have commercial substance. What amount would be used to record this transaction d) The sale of the land was in exchange for a second parcel of land, this was considered to be in the normal course of both businesses and the transaction does have commercial substance. What amount would be used to record this transaction e) If the companies followed IFRS, would your answer be different in any of the situations above (a to c)? If so, why would your answers under IFRS differ compared to ASPE