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Explain the two methods that is used and allowed in mfrs

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Amazing Adventure Bhd purchased a three-storey building on 1 January 2020 at the value of RM1,000,000. The bulding is to be used for general administrative duties and as an exhibition centre. The useful life of the building is estimated to be 20 years, while the residual value is expected to amount to RM200,000. The depreciation policy of the company is to use the straight-line method on all buildings. On 1 January 2021, Amazing Adventure paid RM45,000 to construct car park lots. The market value of the building was estimated at RM1.3 million and RM1.6 million on 1 January 2021 and 2022, respectively.

Problem 1: Explain the 2 methods that is used and allowed in MFRS 116 (Subsequent Measurement)

Reference no: EM132919255

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