Windsor Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the companys new corporate headquarters on the land. The land and old building were purchased for $577,000. Closing costs were $6,190. The old building was removed at a cost of $47,500. After readying the land for its intended use, and while waiting for construction to begin, Windsor generated net revenue of $4,370 from using the land as a parking lot. Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $4,370, if Windsor prepares financial statements in accordance with IFRS and ASPE.

Current Attempt in Progress Windsor Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the company's new corporate headquarters on the land. The land and old building were purchased for $577,000. Closing costs were $6,190. The old building was removed at a cost of $47,500. After readying the land for its intended use, and while waiting for construction to begin, Windsor generated net revenue of $4,370 from using the land as a parking lot. Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $4,370, if Windsor prepares financial statements in accordance with IFRS and ASPE. IFRS ASPE Land cost $ $ IFRS ASPE The net revenue of $4,370 should be