Metlock Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the company's new corporate headquarters on the land. The land and old building were purchased for $554,000. Closing costs were $8,000. The old building was removed at a cost of $50,900. After readying the land for its intended use, and while waiting for construction to begin, Metlock generated net revenue of $3,120 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 $3,120, if Metlock prepares financial statements in accordance with IFRS and ASPE.