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Find gross carrying amount only r800 000 in the ppe note

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The owner of DigiMark placed an offer on a property to the value of R2 800 000 in Midrand to house the head office of the company. The offer to purchase was signed by both the buyer and the seller on 2 March 2018. An appraiser determined the value of the land on which the building was erected to be R800 000. The property was registered in the name of DigiMark on 1 July 2018. Within the building is an elevator which was assigned a value of R500 000. The elevator is expected to have a useful life of 10 years and is depreciated on the straight-line method.

Question 1: Find the gross carrying amount will be only R800 000 in the PPE NOTE?

Reference no: EM132546292

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