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On 1 January 2017, Gemira Bhd purchased a 5-storey building in Kuala Tahan, Pahang for its research and development activities at a cost of RM5,000,000. The building has a useful life of 20 years. On 31 December 2017, impairment loss of RM1,000,000 is recognised. On 1 January 2019, Gemira Bhd decided to let out the building to third parties and the fair value of the building as at that date is RM4,700,000.
Question 1: Calculate the carrying amount of the 5-storey building in Kuala Tahan, Pahang as at 31 December 2017.
a) RM3,750,000
b) RM4,750,000
c) RM5,750,000
d) RM3,800,000
Question 2: At the date of change in use, any change in the value shall be recognised as a revaluation in accordance with MFRS 116. Determine the surplus that should be recognized in the revaluation reserves as at 1 January 2019.
a) RM200,000
b) RM0
c) RM79,310
d) RM120,690
Question 3: Determine the reversal of impairment loss that should be credited in profit or loss account as at 1 January 2019.
a) RM947,368
b) RM1,079,310
c) RM1,000,000
d) RM879,310
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