QUESTION 1 The property of the former administrative center of Apollo Limited is owned by the company. Apollo had decided in the year that the property was surplus to requirements and demolished the building on 10 June 2021. After demolition, the company will have to carry out remedial environmental work, which is a legal requirement resulting from the demolition. It was intended that the land would be sold after the remedial work had been carried out. However, land prices are currently increasing in value, and, therefore, the company has decided that it will not sell the land immediately. Apollo uses the cost model in IAS 16 Property, plant, and equipment and has owned the property for many years. Required: Advise the directors on how to treat the above in the financial statements for the year ended 31 May 2021.