ABInBev South Africa Ltd ("ABInbev"), are the world's leading brewer bringing people together for a better world. For centuries, the experience of sharing a beer has brought people and cultures together. Even in the hyper-connected, always-on world, this simple act is as meaningful today as it was generations ago. The directors of the company needs your assistance in processing the following information into their financial records for the reporting period ended 31 December 2021 before the statements can be authorised to the general public for issue. Accounting Policy, Changes in Estimates and Errors - IAS 8 1.1.4 ABInBev Ltd owns a plant, which was purchased on 8 June 2018 at a cost of R1 880 000. The plant had an estimated life of 5 years and was depreciated to a RO residual value on the straight-line basis. On the 30 June 2021 the total useful life was re-estimated to be 8 years. ABInBev Ltd uses the re-allocation method to account for changes in accounting estimates. Workings: W1 Change in accounting estimate Difference Revised estimate 08/06/18 Cost Original estimate Given 1 880 000 (1 880 000-0)/5x2 yrs (752 000) 1 128 750 (5-3 yrs) (8-3 yrs) 3 years 30/06/20 Accum. depreciation 30/06/20 Carrying amount Remaining useful life 1 128 000 5 years 30/06/21 Depreciation 1 2 3 ? ? ? 30/06/21 Carrying amount Future yrs Depreciation Final Carrying amount (752 000) 0 (902 400) 0 (150 400) 0 Residual value REQUIRED FROM YOU TO: 1.1.5 Show the journals necessary for depreciation from the information provided, assuming: a) Depreciation had not yet been processed for the year ended 30 June 2021. Complete the below journal in Blackboard - Vutela. Details Debit Credit (4) (5) Depreciation on plant b) Depreciation based on the old estimate had already been processed for the year ended 30 June 2021. Complete the below journal in Blackboard - Vutela. Details Debit Credit (7) (6) Adjustment to depreciation of equipment - this journal includes the adjustment to the current year that had already been processed 1.1.6 Show how the above-mentioned information would be disclosed in the notes to the financial statements of ABInBev Ltd for the year ended 30 June 2021. Complete the below notes in Blackboard - Vutela. ABInBev SOUTH AFRICA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (EXTRACTS) 1. Basis of preparation 1.1 Statement of compliance (8) 3. Profit before tax Profit before tax is arrived at after the following Depreciation - plant Original estimate 2021 R (10) (11) 2020 R (9) Change in estimate (note 4) (12) 4. Change in estimate The company changed the estimated total useful life of the equipment from five to eight years. The change in estimate caused the following (increase)/ decrease in profit before tax: - Current profits Future profits 2021 R (13) (14) ABInBev South Africa Ltd ("ABInbev"), are the world's leading brewer bringing people together for a better world. For centuries, the experience of sharing a beer has brought people and cultures together. Even in the hyper-connected, always-on world, this simple act is as meaningful today as it was generations ago. The directors of the company needs your assistance in processing the following information into their financial records for the reporting period ended 31 December 2021 before the statements can be authorised to the general public for issue. Accounting Policy, Changes in Estimates and Errors - IAS 8 1.1.4 ABInBev Ltd owns a plant, which was purchased on 8 June 2018 at a cost of R1 880 000. The plant had an estimated life of 5 years and was depreciated to a RO residual value on the straight-line basis. On the 30 June 2021 the total useful life was re-estimated to be 8 years. ABInBev Ltd uses the re-allocation method to account for changes in accounting estimates. Workings: W1 Change in accounting estimate Difference Revised estimate 08/06/18 Cost Original estimate Given 1 880 000 (1 880 000-0)/5x2 yrs (752 000) 1 128 750 (5-3 yrs) (8-3 yrs) 3 years 30/06/20 Accum. depreciation 30/06/20 Carrying amount Remaining useful life 1 128 000 5 years 30/06/21 Depreciation 1 2 3 ? ? ? 30/06/21 Carrying amount Future yrs Depreciation Final Carrying amount (752 000) 0 (902 400) 0 (150 400) 0 Residual value REQUIRED FROM YOU TO: 1.1.5 Show the journals necessary for depreciation from the information provided, assuming: a) Depreciation had not yet been processed for the year ended 30 June 2021. Complete the below journal in Blackboard - Vutela. Details Debit Credit (4) (5) Depreciation on plant b) Depreciation based on the old estimate had already been processed for the year ended 30 June 2021. Complete the below journal in Blackboard - Vutela. Details Debit Credit (7) (6) Adjustment to depreciation of equipment - this journal includes the adjustment to the current year that had already been processed 1.1.6 Show how the above-mentioned information would be disclosed in the notes to the financial statements of ABInBev Ltd for the year ended 30 June 2021. Complete the below notes in Blackboard - Vutela. ABInBev SOUTH AFRICA LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (EXTRACTS) 1. Basis of preparation 1.1 Statement of compliance (8) 3. Profit before tax Profit before tax is arrived at after the following Depreciation - plant Original estimate 2021 R (10) (11) 2020 R (9) Change in estimate (note 4) (12) 4. Change in estimate The company changed the estimated total useful life of the equipment from five to eight years. The change in estimate caused the following (increase)/ decrease in profit before tax: - Current profits Future profits 2021 R (13) (14)