Scenario: Lopez Corporation, a large New Zealand company has the following classes of properly. plant and equipment, with the following costs and fair values: Cost Fair value Land Buildings Artworks Vintage motor vehicles Machinery $650000 $500000 $250 000 $270000 $330 000 $2000000 $2000000 $700000 $900 000 $750 000 $350 000 $4700000 The managers of Lopez Corporation have made the decision that land, buildings and artworks are to be measured at fair value, whereas vintage motor vehicles and machinery are to be measured at cost Issue: You are required to answer the following Can the managers of Lopez Corporation make the choice to measure some classes of property, plant and equipment using the cost model whilst also measuring other classes using the fair value model? What total amount would be shown in the balance sheet for property, plant and equipment? What does this total amount actually represent? Will future depreciation expenses be affected following a revaluation