Problem
Chicago Microbreweries has a fiscal year end of September 30. The company acquired another brewery company "Springfield Microbrewery" as of September 1, 2022. A requirement for the consolidated financial statements is that the Chicago Microbreweries records all assets/liabilities at the fair value of the acquired business. Springfield Microbrewery has operated a brewery on a piece of land that the company owns since October 2019. The land was rezoned to allow both residential and industrial use on June 1, 2022. The highest and best use of the land and buildings of the brewery at the end of the fiscal year would be to demolish the brewery and build residential property. The consolidated company is planning on using the land and buildings to continue operating the brewery. This is consistent with their long-term strategy and the core operations of the company.
What is the fair value of the land that Chicago Microbrewery should use in their consolidated financial statements?