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Easy Limited purchased a plant on 1 January 2016 for R300 000 on credit. Depreciation is provided over its useful life of 5 years to a nil residual value using the straight line method.
Easy Limited measures plant under the revaluation model. The plant was revalued as follows:
01 January 2018 R240 000
01 January 2019 R200 000
Easy Limited transfers the maximum amount from the realised portion of the revaluation surplus to equity.
Required:
Question 1: Prepare the journal entries for the plant for years ended 31 December 2016 to 2019.
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