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Construction of Mia & Syad's Bakery's new store begin on 1 April 2019. The costs were incurred on the construction immediately. The store was completed on 1 January 2020 and brought into use for its grand opening on the 1 April 2020. Mia & Syad's Bakery secured a RM2,500,000 5-years loan on 1 April 2019 to aid construction of the new store (which meets the definition of a qualifying asset as per MFRS 123). The loan carried an interest rate of 8% per annum. Costs incurred on the construction of the new store (excluding interest) is RM3,000,000.
Problem 1: Calculate the amount of interest that shall be included in the costs of the new store project.
a) RM200,000
b) RM180,000
c) RM150,000
d) RM1,000,000
Problem 2: Determine the revised carrying amount of the new store project upon its completion.
a) RM3,000,000
b) RM5,500,000
c) RM3,150,000
d) RM3,200,000
Problem 3: Investment income generated from loans taken in order to finance a qualifying asset should be:
a) deducted from borrowing costs
b) added to borrowing costs
c) added to cost of asset
d) none of the above
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