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Sunshine Ltd purchased a piece of land on 30 November 2020, paying $85,000 cash. An independent valuation reveals that the fair value of the land

Sunshine Ltd purchased a piece of land on 30 November 2020, paying $85,000 cash. An independent valuation reveals that the fair value of the land is $90,000 and $97,500 respectively on 1 January 2021 and 30 June 2021. At what value should the land be recognised in the statement of financial position of Sunshine Ltd as at 30 June 2021 following the historical cost value measurement basis as provided in the conceptual framework? a. $90,000 b. $85,000 c. The land should not be recognised as it cannot be reliably measured d. $97,500.

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