Fred came to you and wanted to know why the land across the street that was purchased in 2020 could not be recorded at the estimated fair value of $800,000. “Since we purchased that land, prices have skyrocketed in the area. Just yesterday, I had a call from a casino developer asking if they could buy it for $780,000. I think we could easily get $800,000 for it, but Sam does not’ t wants to sell it. I think we should record it at what we could get for it. What do you think?” Explain this in detail? Follow the ASPE method.