Marin 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 $598,000. Closing costs were $5,740. The old building was removed at a cost of $49,300. After readying the land for its intended use, and while waiting for construction to begin, Marin generated net revenue of $3,830 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 $3,830, if Marin prepares financial statements in accordance with IFRS and ASPE.

		IFRS		ASPE
Land cost		$enter a dollar amount		$enter a dollar amount

		IFRS		ASPE
The net revenue of $3,830 should be		select an option Capitalized and credited to Buildings accountRecognized as income when earned		select an option Recognized as income when earnedCapitalized and credited to Buildings account