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Calculate the carrying amount at March

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Question - An item of plant and equipment was purchased on 1 April 20X1 for $100,000. At the date of acquisition its expected useful economic life was ten years. Depreciation was provided on a straight line basis, with no residual value. On 1 April 20X3, the asset was revalued to $95,000. On 1 April 20X4, the useful life of the asset was reviewed and the remaining useful economic life was reduced to five years, a total useful life of eight years. Calculate the carrying amount at 31 March 20X5, as required by IAS 16 Property, Plant and Equipment.

Reference no: EM132619843

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