Reference no: EM132965002
Problem - On 1 January 20X1, ACD PL purchased a building in cash to house its production facilities for $400,000. The building was measured subsequently at depreciated historical cost. The building was assessed as having a useful life of 10 years.
On 1 June 20X1, ACD PL had a change of plan and decided to sell the building.
On 1 July 20X1, ACD PL placed the building with an agent for immediate sale and have started advertising the building at a selling price of $390,000 which was considered to be its fair value. The selling expenses were estimated to be $14,000. The value in use of the building was $375,000.
At 31 December 20X1, the building remained unsold. At that point, the fair value less costs to sell was $375,000 and the value in use of the building was $374,000.
The building was sold on 1 May 20X2 for $400,000 (net of selling costs).
Illustrate the accounting for this building by ACD PL by preparing the necessary journal entries, with journal narratives, from purchase to disposal under the appropriate FRS(s).
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