Acton Ltd was founded in 1975. It is a UK based company that manufactures household products and it adopts international accounting standards (IAS) and international financial reporting standards (IFRS). The company's operating cycle is from 1st January to 31st December. You joined the company last year as a junior accountant and you report to the company's CFO Gloria Glam. Owing to the destruction of the company's records because of IT failure and the sudden departure of the senior accountant, some work needs to be done. Gloria has asked for your advice on some issues and you are to submit a report on your thoughts. Part 1: setting up the company On 1st January 2021 the company bought some freehold land for 200,000. When the land was purchased, there was an existing building on the property which the company did not see fit to keep. In February 2020, the company paid 10,000 to demolish the old building; the company paid 1,000 to the local authority to have the right to have pavements on the land. In April, fencing was put up around the land which has become the company's property for 2,000. It is the company's estimation that the fencing