Golden Malim is in real estate business. The Company acquires a 5-storey building in Sitiawan, Perak and a 15 acre land in Tanjong Malim, Perak on 3 January 2015. Two out of five floors of the building were used as a warehouse, whilst the remaining floors were occupied by tenants. The land, on the other hand was held for an undetermined future use. The cost of the building is RM100 million, meanwhile the land is RM20 million. At the end of 2017, Golden Malim has decided to end the rental to occupants early next year and to add one more level for storage purposes. Meanwhile, the other two floors is to be transformed into hostels for employee. Early 2016, Tanjong Malim were announced as one of the four towns in Malaysia to be transformed into Youth City. Due to this, Golden Malim has decided to develop the land into residential area. However, in 2020. Golden Malim scrapped the idea after background research indicates that there will overflows of new housing area in the next 5 years in the area. Therefore, Golden Malim decided to keep the land for another 5 years and to sell it when the land price in Tanjong Malim will be higher. REQUIRED: a. Discuss accounting treatment for building in Sitiawan, Perak for the year 2015 and 2018. [5 marks] b. Discuss accounting treatment for the land in Tanjong Malim for the year 2015. 2016 and 2020. [5 marks] c. According to MFRS 140 Paragraph 30, subsequent to initial recognition, an entity can choose either the cost model or fair value as its accounting policy and apply the chosen policy consistently. Based on the scenario, discuss implications of using cost model and fair value model for both building and land. (Use your own assumptions for any missing information). [5 marks]