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Question - On 1 January 2011, Wind Bhd construct a new building and incurred the following costs:
Costs
RM
Materials for construction
22,000
Architect's fees on building pIans
32,000
Contractor's cost
500,000
The useful life for building was 20 years. It is the company's accounting policy to adopt revaluation model for property, plant and equipment and fair value model for investment property. As at 31 December 2014 and 31 December 2018 the fair value of building was RM450,000 and RM335.000 respectively.
Required -
a. Compute the initial cost of building.
b. Assuming the new building was used as cafeteria for employees of Wind Bhd. Explain the accounting treatment of the building.
c. Assuming the new building was rented out by Wind Bhd. Explain the accounting treatment of the building for the year ended 31 December 2018.
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