Reference no: EM133018371
Question - The following information is related to building of Kucthen Bhd.
Cost of building purchased at 1.1.2015 RM1,000,000
Depreciation method Straight line over 20 years
Revalued amount at 31.12.2015 RM1,200,000
Recoverable amount at 31.12.2016 RM800,000
Recoverable amount at 31.12.2018 RM1,500,000
The company adopts revaluation model to measures its building. Depreciation of the building is to be calculated based on straight-line method and monthly basis over its estimated useful lives.
Required -
a. Calculate revaluation reserve (if any) as at 31 December 2015. Prepare related journal entries for the year ended 31 December 2015.
b. Calculate impairment loss (if any) during the year ended 31 December 20016. Prepare related journal entries for the year ended 31 December 2016.
c. Explain the condition of reversal of an impairment loss in accordance with MFRS 136 Impairment of Assets.
d. Calculate reversal of impairment loss (if any) during the year ended 31 December 2018. Prepare related journal entries for the year ended 31 December 2018.
e. Prepare related journal entries for the year ended 31 December 2018.
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