Prep 33 Identify whether the bolded statement is TRUE or FALSE. If the statement is FALSE, you will need to provide an explanation of WHY the statement is FALSE. Your explanation will need to show your understanding of the issue at hand. 1.1 Business C has a year-end of 31 May 2020. The business measures land on the revaluation model. On 1 June 2018, Business C purchased land for 1 250 000. At 31 May 2019 and 31 May 2020, the fair value of land was 1 325 000 and 1 230 000 respectively. At 31 May 2020 the following adjusting entry will be processed in respect of land: DR Impairment loss (OCI) 95 000 CR Accumulated impairment (-A) 95 000 1.2 On 31 march, the owner of the business withdrew inventory with a cost of 30 000 for personal use. According to the definition of "expense" in the conceptual framework, the business will recognize an expense on 31 march. 1.3 Business C has a year-end of 30 April. Business Crents out a spare office to a tenant from 1 May 2020 - 20 April 2021. The terms of the contract state that rent income amounting to 8 000 is received monthly in advance on the 1st day of each month. The rental contract was signed on 30 April 2020 with the first payment of 3 500 due on 1 May 2020. On 30 April 2020, the 3 500 receivable meets the definition of an asset in the books of Business C