16) AASB 116: Property, Plant and Equipment does not apply to which of the following situations: A) investment property valued at fair value rather than cost B) land and buildings C) exploration and evaluation assets D) both A and C 17) Sammy Ltd purchased an item of machinery on 1 January 2011. The machinery cost $10 000, a residual value of $2000 and an estimated useful life of 4 years. Assuming that the straight-line method is used, how much depreciation expense would be recorded at 30 June 2011 B) $2 000 18) Derecognition of an item of property, plant and equipment occurs when: A) $500 C) $1 000 D) $2 500 A) the item is sold or otherwise disposed of C) both A and B B) the item is completely destroyed D) none of the above 19) An identifiable non-monetary asset without physical substance is also known as a/an: A) tangible asset C) infinite asset B) non- physical asset D) intangible asset 20) Examples of subsequent costs recognised in the carrying amount of an item of property plant and equipment include: A) petrol for a motor vehicle B) relining of a furnace after a specified numbers of hours of use C) replacement of aircraft interiors such as seats and galleys D) both B and C