On 23 April 2020, Bedford Traders Limited acquired a 75-acre tract of land by paying R25 000 000 in cash, issuing a 9-month promissory note for R5 000 000, and by issuing 1 000 000 ordinary shares for the balance. On 23 April 2021 sterling ordinary shares were selling at R80 per share. At the time of purchase, the fair market values of land and buildings were R105 000 000 and R20 000 000, respectively. To complete the purchase sterling incurred R25 000 legal fees. The land had two existing structures, one that management wanted to renovate and use it as a warehouse, and another that Bedford Traders Limited intended to demolish to make way for the construction of a new supermarket. The cost of demolishing the building was R50 000. Bedford Traders Limited paid R250 000 to have the land graded so that a new supermarket could be built. Sterling paid a total of R100 000 000 to have the new supermarket built and another R25 000 000 to renovate old building to be used as a warehouse. To fund the work on two buildings, Bedford Traders Limited obtained a loan from Venda Building Society. Sterling Traders had to pay interest of R10 000 000 on the loan during the building construction period. All interest payment is to form part of the building costs. The materials salvaged from the demolished building were sold for R315 000. Because parking would be needed for both the new supermarket and warehouse, Sterling Traders Limited has a portion of land covered with asphalt at a cost of R450 000. Sterling Traders Limited also paid R200 000 to install lighting for the parking lots and R75 000 for landscape the parking lots with trees and shrubs. During 2020, Bedford Traders Limited was assessed for municipal rates and taxes of R150 000 on the new property. All work was completed on 30 December 2020 and a certificate of occupation was issued by the municipality at a fee of R2 500. The management also spent R25 000 to make announcement for the opening of the supermarket at a new location. The warehouse and other structures were used from 2 January 2021. The company policy is to apportion the original purchase price between land and buildings using relative market values of land and buildings at the time of purchase. You are required to: (a) Determine what costs should be assignment to (i) Land; (ii) Buildings; and (iii) land improvements. (b) With reference to the conceptual framework for financial reporting, explain how the amounts you excluded from your answers in (a) should be treated in the books of Bedford Traders Limited. You answer should include reference key definitions, measurement, and recognition criteria.