Larkspur Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the companys new corporate headquarters on the land. The land and old building were purchased for $599,000. Closing costs were $6,110. The old building was removed at a cost of $45,000. After readying the land for its intended use, and while waiting for construction to begin, Larkspur generated net revenue of $4,160 from using the land as a parking lot. Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $4,160, if Larkspur prepares financial statements in accordance with IFRS and ASPE.

		IFRS		ASPE
Land cost		.....................		..............................

		IFRS		ASPE
The net revenue of $4,160 should be		Recognized as income when earned or (select one ) Capitalized and credited to Buildings account		Recognized as income when earned or ( select one ) Capitalized and credited to Buildings account