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U marts) Lommand Question 4 Property, plant, Equipment The following details for property, plant and equipment were provided by Kacee Ltd: Total: 19 marks Asset Useful Date Purchased 1 Sept 2013 1 July 2014 Vehicle Building Cost Residual Value $140 000 S5 000 $450 000 $50 000 Life 20 Son Additional information: Kacee Ltd depreciates the vehicle and building using the straight-line method of depreciation Kacee Ltd has a reporting period ending 30 June. The company rounds to the nearest dollar. Val divise photo The tax rate is 30 % . Transactions and events during the year 1 July 2015 - 30 June 2016 On 1 September 2015 Kacee Ltd sold the vehicle for $80 000 in cash. On 31 December 2015, Kacee Ltd decided to adopt the revaluation model for buildings and obtained a fair value for the building of $410 000. The residual value remained the same, however the remaining useful life was now estimated to be 16 years. On 30 June 2016 Kacee Ltd obtained a fair value for the building of $420 000. Question 4 continued on the next page . Question 4 continued beun op maat Required: zouls is nisu s bobicei sau, to solidaire a) Prepare journal entries for the sale of the vehicle on 1 September 2015. (4 marks) b) Prepare journal entries for the revaluation of the building on: i. 31 December 2015, and; o es a (6 marks) (9 marks) ii. 30 June 2016 000 CB Inondup basis 110 QUESTION 3 property, plant, Equipment Total: 15 Marks The accountants of Roxy Ltd had been using the cost model to measure the building that was used to house its 20 employees. After consultation with the local real estate agent the accountant realised that buildings in that area had been increasing in value. As a result, and after consultation with management, on 1 July 2016 the accountant changed the 0000 measurement for the building to the revaluation model and obtained a fair value on that date of $932,000. Bestel nu au The day before this change, 30 June 2016, Roxy Ltd had prepared its end of financial year reports, showing the following for the building: myoge 101 s T to 8 is an Building (at cost) $950,000 Accumulated depreciation-building Inams (90,000) bobo Dugorovo bounou Question 3 continued over the page . baunirnos SHOES Question 3 continued Boon SnobbA Additional information: The building had been purchased on 1 July 2014 with a useful life of 20 years, and a residual value of $50,000. 332001U Xisto nemlupa o nosios deb POE ai isi xstedt Roxy Ltd reporting period ends 30 June. The tax rate is 30% boniupon Sonia 15 tot no 101 (susta and olsuolo Required: a) Prepare any necessary journal entries to the revaluation of the building on 1 XBT banisie so vilidel X Thema bn (6 marks) July 2016. Show all working out. b) On 30 June 2017, Roxy Ltd obtained a fair value for the building of $870,000. Prepare any necessary journal entries to record the revaluation of the building on 30 June 2017. Show all working out. (9 marks) sont no solowl bonolob or 1809 U marts) Lommand Question 4 Property, plant, Equipment The following details for property, plant and equipment were provided by Kacee Ltd: Total: 19 marks Asset Useful Date Purchased 1 Sept 2013 1 July 2014 Vehicle Building Cost Residual Value $140 000 S5 000 $450 000 $50 000 Life 20 Son Additional information: Kacee Ltd depreciates the vehicle and building using the straight-line method of depreciation Kacee Ltd has a reporting period ending 30 June. The company rounds to the nearest dollar. Val divise photo The tax rate is 30 % . Transactions and events during the year 1 July 2015 - 30 June 2016 On 1 September 2015 Kacee Ltd sold the vehicle for $80 000 in cash. On 31 December 2015, Kacee Ltd decided to adopt the revaluation model for buildings and obtained a fair value for the building of $410 000. The residual value remained the same, however the remaining useful life was now estimated to be 16 years. On 30 June 2016 Kacee Ltd obtained a fair value for the building of $420 000. Question 4 continued on the next page . Question 4 continued beun op maat Required: zouls is nisu s bobicei sau, to solidaire a) Prepare journal entries for the sale of the vehicle on 1 September 2015. (4 marks) b) Prepare journal entries for the revaluation of the building on: i. 31 December 2015, and; o es a (6 marks) (9 marks) ii. 30 June 2016 000 CB Inondup basis 110 QUESTION 3 property, plant, Equipment Total: 15 Marks The accountants of Roxy Ltd had been using the cost model to measure the building that was used to house its 20 employees. After consultation with the local real estate agent the accountant realised that buildings in that area had been increasing in value. As a result, and after consultation with management, on 1 July 2016 the accountant changed the 0000 measurement for the building to the revaluation model and obtained a fair value on that date of $932,000. Bestel nu au The day before this change, 30 June 2016, Roxy Ltd had prepared its end of financial year reports, showing the following for the building: myoge 101 s T to 8 is an Building (at cost) $950,000 Accumulated depreciation-building Inams (90,000) bobo Dugorovo bounou Question 3 continued over the page . baunirnos SHOES Question 3 continued Boon SnobbA Additional information: The building had been purchased on 1 July 2014 with a useful life of 20 years, and a residual value of $50,000. 332001U Xisto nemlupa o nosios deb POE ai isi xstedt Roxy Ltd reporting period ends 30 June. The tax rate is 30% boniupon Sonia 15 tot no 101 (susta and olsuolo Required: a) Prepare any necessary journal entries to the revaluation of the building on 1 XBT banisie so vilidel X Thema bn (6 marks) July 2016. Show all working out. b) On 30 June 2017, Roxy Ltd obtained a fair value for the building of $870,000. Prepare any necessary journal entries to record the revaluation of the building on 30 June 2017. Show all working out. (9 marks) sont no solowl bonolob or 1809