5: PROPERTY, PLANT & EQUIPMENT & IMPAIRMENT OF ASSETS (TOTAL: 30 MARKS) Alder Ltd had several Property, Plant & Equipment items and they followed the cost model to measure their assets. Its financial year end is 31 March. On 31 March 2021, the company's PPE items and their balances are as follows: Land ($) Cost as at 01 April 2020 1,200,000 Less: Accumulated Depreciation Less: Accumulated Impairments Balance as at 31 March 2021 1,200,000 Plant ($) Motor Vehicles ($) 300,750 550,000 175,500 267,500 125,250 282,500 Alder Ltd uses the straight line method to depreciate Plant and Motor Vehicles. Alder Ltd has been following the cost model to measure PPE however on 1 April 2021, the company decides to revalue the Land and Motor Vehicles. An independent value assessed the assets at fair values as follows: Land 1,500,000 Motor Vehicles 250,000 (a) On 1 April 2021, the expected useful lives and residual values for Motor Vehicles (after revaluation) and Plant were reassessed as follows. New Estimated Useful Life from 1 April 2021 New Residual Value Plant 6 years Motor Vehicle 8 years $5,250 $11,000 Required: Prepare depreciation journal entries for plant & Motor Vehicles for the year ended 31 March 2022. Show all workings. Particulars Workings Plant Motor Vehicles (7 Marks) Dr ($) Cr ($)