During the year, Far Lap Ltd sold a parcel of land and made a gain in Australian Dollars (A$) of A$850,000. The carrying value of the land was A$275,000 and sale proceeds were A$1,125,000. Relevant exchange rates are given in the table below. Relevant exchange rates NZ$1 A$ When land was first purchased 0.85 At the start of the year 0.79 At date of sale of land 0.77 At the end of the year 0.75 Required: Calculate the gain on sale of land A$850,000 in NZ$, using both the para 39 and para 23 methods of NZ IAS 21. Use WORKSHEET 1 on page 4 of the ANSWER BOOKLET for your answer. (4 marks) During the year, Far Lap Ltd sold a parcel of land and made a gain in Australian Dollars (A$) of A$850,000. The carrying value of the land was A$275,000 and sale proceeds were A$1,125,000. Relevant exchange rates are given in the table below. Relevant exchange rates NZ$1 A$ When land was first purchased 0.85 At the start of the year 0.79 At date of sale of land 0.77 At the end of the year 0.75 Required: Calculate the gain on sale of land A$850,000 in NZ$, using both the para 39 and para 23 methods of NZ IAS 21. Use WORKSHEET 1 on page 4 of the ANSWER BOOKLET for your answer. (4 marks)