Great Life Berhad is a Malaysian listed company, engages in the property business. The business operation covers farming, mining, and retail sectors. Great Life Berhad just bought a farming and mining business. One such asset is a piece of land that is currently used to farm. The market value of the land for farming is RM10,000,000. If the land is used for farming purpose, a tax credit of RM200,000 shall apply. Great Life Berhad concluded that market participants would regard the land as an alternative residential usage. The land's fair prices for residential purposes before related expenses are considered RM14,800,000. To convert the land into residential use, legal costs will be RM400.000. A RM600,000 feasibility study cost and RM200,000 farm building demolition cost will be incurred. In addition, residential approval was not officially granted by the legal authority and as a result, market participants suggested that the fair value of the property, after the above expenses, would be reduced by 20% due to the possibility of not receiving planning permission. Moreover, Great Life Berhad acquired from the farm the brand name connected with the produce. Great Life Berhad has agreed to discontinue the company, believing it is identical to its current brand. Great Life Berhad decided that if it stops using the brand, the indirect benefits will be RM40,000,000. If it continues to use the brand, the direct benefit is RM34.000.000. Most companies in this industry do not have brands as strong as Great Life Berhad, so the discontinuation will not see any significant benefit. Being the accountant of the company, you are requested by the directors to advise on how to fair value the land and brand acquired. Required: Evaluate the given information to advise the directors on how the land and brand should be measured using the requirements in MFRS 13: Fair Value Measurement. (12 marks)