Solution-Explain the element of initial measurement of

Explain the element of initial measurement of property

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Reference no: EM133198033

Explain the element of initial measurement of Property, plant and equipment based on MFRS 116 Property, Plant and Equipment.

Explain the accounting treatment for each cost incurred by the company in the acquisition of the machine (show total initial cost).

Determine the carrying amount of the machine as of 31 December 2021. Show clearly the calculation of depreciation expense for the machine.

Discuss the accounting treatment on replacement cost incurred by the company on 1 January 2022.

The company also purchase a piece of land on 1 December 2020 for RM1,200,000. The company also incurred a legal cost of RM100,000. The company plans to construct its office on that land in 2022. The company uses a revaluation model to record the land. The land fair value on 1 July 2021 and 31 December 2021 was RM1,500,000 and RM1,350,000 respectively.

Show the journal entry to record the land revaluation on 1 July 2021 and 31 December 2021.

Reference no: EM133198033

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Explain the element of initial measurement of property

Reference no: EM133198033

Reference no: EM133198033

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