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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 Life Vehicle Cost Residual Value $140 000 S5 000 $450 000 $50 000 on Building 20 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. velaivono 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 beunropanola Required: zoulsy is nisl is bobioosi talu to collabo 2 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) ii. 30 June 2016 (9 marks) 000 Car Inondup basis 170