Accessibility Mode Open in Desktop App Question 4 The following information was derived from the book of Fast Ltd on 30 June 2019. Carrying amount Fair value Value in use Cost of disposal Plant ? $276,000 $260,000 $4,000 Vehicle $64,000 $63,000 $63,200 $500 Additional information: (a) Fast Ltd depreciates all of its Property, Plant & Equipment items at 10% per annum using the straight-line method with zero residual value. (b) The Asset Revaluation Surplus for plant has a credit balance of $7,000 on 30 June 2019, as the result of a revaluation increment on 30 June 2018. (c) Plant was purchased on 1 July 2016 for $400,000. (d) The recoverable amount of vehicle is determined to be $56,500 on 30 June 2020. The vehicle was initially purchased at cost of $80,000. Fast Ltd applies revaluation model for plant and cost model for vehicle. (e) (1) The tax rate is 30%. (6) Fast Ltd's financial year ends on 30 June each year. Required: 20 lune 2019 and 30 June 2020 in relation to the items of 1 2020 ZM_Moodle.docx Edit and reply Download Save to OneDrive Open in Desktop App Accessibility Mode 2019, as the result of a revaluation increment on 30 June 2018. (c) Plant was purchased on 1 July 2016 for $400,000 (d) The recoverable amount of vehicle is determined to be $56,500 on 30 June 2020. The vehicle was initially purchased at cost of $80,000. (e) Fast Ltd applies revaluation model for plant and cost model for vehicle. (f) The tax rate is 30%. (8) Fast Ltd's financial year ends on 30 June each year. Required: Prepare the journal entries on 30 June 2019 and 30 June 2020 in relation to the items of Property, Plant & Equipment in accordance to IAS 16/AASB 116 and IAS 36/AASB 136. Show all workings. Narrations for the journal entries are required. 27 marks Type your Answer here