2 IAS 16 Property Plant and Equipment sets out the accounting requirements for initial recognition and measurement, subsequent measurement and derecognition of items of property, plant and equipment. IAS 16 expands on and applies the definition of an asset in the Conceptual Framework, as well as the recognition criteria set out in that document. The following is the extracts from the Trial balance of Justice Company Ltd as at 31st December, 2015 DR CR E E Motor vehicles (at cost) 870,000 Accumulated depreciation 1/1/2015-Motor vehicles 270,000 Equipment 500,000 Accumulated depreciation 1/1/2015 - Equipment 150,000 Property (Land E 100,000) 550,000 Accumulated depreciation 1/1/2015 - building Ordinary share capital (issued at E2.00) 135,000 600,000 Capital surplus (1/1/2015) Income surplus (1/1/2015) Net profit after tax (for the year 2015) 120,000 480,000 350,000 The following additional information is relevant: a) The property was revalued to E 700,000 which the new value for land is E140, 000. The original life of the building was 50 years and has not changed. The revaluation was done at the end of the year. by Additional equipment costing E150, 000 and motor vehicle costing E450, 000 were acquired during the year. c) Motor vehicles which cost the firm E 250,000 on 1st October 2012 was sold for E170,000. d) The company charges depreciation at the rate of 20% on cost on the motor vehicles and equipment is depreciated at 25% on reducing balance. Full year depreciation is charged in the year of purchased and nil in the year of disposal. e)The company made a bonus issue of I share for every 3 shares held at E 2.00 on 1st June 2015 and a right issue of I share for every 5 shares held as at 31st December, 2015 for E 3.50 per share. f) Treasure shares of 40,000 shares were issued for E 4.00 per shares and a dividend of E110,000 was paid for the year. In accordance with LAS 16 Property Plant and Equipment, you are required to: i) Prepare the Non-Current Assets Schedule ii) Prepare a Statement of Changes in Equity