On August 5, 1997, Parker Corp. purchased 20 acres of land for $500,000. The land has been held for a future plant site until the current date, December 31, 2018. On December 5, 2018, Overton, Inc. purchased 20 acres of land for $3,000,000 to be used for a distribution center. The Overton land is located next to the Parker Corp. land. Thus, both Parker Corp and Overton, Inc. own nearly identical pieces of land. 1. What are the valuations on land on the balance sheets of Parker Corp. and Overton, Inc. using generally accepted accounting principles? 2. How might fair value accounting aid comparability when evaluating these two companies