(b) The following details relate to two items of property, plant and equipment (A and B) owned by Shelta which are depreciated on a straight-line basis with no estimated residual value:

Item A Item B

Estimated useful life at acquisition 8 years 6 years

$000 $000

Cost on 1 April 2010 240,000 120,000

Accumulated depreciation (two years) (60,000) (40,000)

Carrying amount at 31 March 2012 180,000 80,000

Revaluation on 1 April 2012:

Revalued amount 160,000 112,000

Revised estimated remaining useful life 5 years 5 years

Subsequent expenditure capitalised on 1 April 2013 nil 14,400

At 31 March 2014 item A was still in use, but item B was sold (on that date) for $70 million.

Note: Shelta makes an annual transfer from its revaluation surplus to retained earnings in respect of excess depreciation.

Required:

Prepare extracts from:

1. Sheltas statements of profit or loss for the years ended 31 March 2013 and 2014 in respect of charges (expenses) related to property, plant and equipment
2. Sheltas statements of financial position as at 31 March 2013 and 2014 for the carrying amount of property, plant and equipment and the revaluation surplus.