Recommended time to complete: 13 minutes Suggested word length for written answers: 140 relevant words in total Farm Honey Ltd (Farm Honey) owns land on which it runs a beekeeping business that produces premium honey and bee products for local and overseas markets. Farm Honey was granted the Viral Patent (Viral) for the RNA inference technology, that is, a technology used to silence honey bees by injection and feeding Sites adjacent to the land currently used by Farm Honey to run their beekeeping business have recently been developed for residential use as apartment units. Given the development and recent zoning changes it is possible that Farm Honey's property could also be developed as a site for residential use. The Fair Value Report at 30 June 2021 presented the following information in relation to the use of Farm Honey's land at 30 June 2021: Use Continue to be used for beekeeping business 4 Estimated future net cash flows from use at 30/06/2021 $1,200,000 Develop for residential use as a site for apartment units $1,500,000 Required: Part A Considering AASB 13: Fair Value Measurement: i) Determine the fair value amount of Farm Honey's land at 30 June 2021 (2 marks); and ii) Provide a detailed reason(s) that explains why the amount you determine in Part A i) should be the basis for the land's fair value at 30 June 2021 (3 marks). Part B Part B Considering AASB 138: Intangible Assets: i) Describe the measurement methods under AASB 138 for intangible assets after initial recognition (2 mar and 10 Determine which measurement method is the most appropriate method for Farm Honey's Viral Patenter initial recognition as an asset and explain why (3 marks).