On July 16, 20Y1, Wyatt Corp. purchased 40 acres of land for $350,000. The land has been held for a future plant site until the current date, December 31, 2019. On December 18, 20Y9, TexoPete Inc. purchased 40 acres of land for $2,000,000 to be used for a distribution center. The TexoPete land is located next to the Wyatt Corp. land. Thus, both Wyatt Corp. and TexoPete Inc. own nearly identical pieces of land. 1. What is Fair value accounting? 2. What are the advantages and disadvantages of Fair value accounting? 3. What are the valuations of land on the balance sheets of Wyatt Corp. and TexoPete Inc. using generally accepted accounting principles? 4. How might fair value accounting aid comparability when evaluating these two companies? 5. How is the international accounting treatment for changes in the fair value for property, plant and equipment similar to investments