FluTech has a year end of 31 March and acquired Equipment A and Equipment B on 1 Apr 2010. The estimated useful life at acquisition is 8 years for Equipment A and 6 years for Equipment B. Both items are depreciated on a straight-line basis with no estimated residual value. For Equipment, the entity applies the revaluation model under IAS 16. For both items, there was no revaluation adjustment prior to 1 Apr 2012. However, there is a sudden change in fair value on 1 Apr 2012 as below. On 31 Mar 2013, no revaluation adjustment is required. On 31 Mar 2014, Equipment A has a fair value of 135,000 and Equipment B was sold on that date for cash $80,000. The entity uses elimination method for revaluation adjustment. It makes an annual transfer from its revaluation surplus reserve to retained earnings in respect of excess depreciation. Required: (Ignore tax. Narratives explaining the journal entries are not required. You may calculate all amounts to the nearest dollar.) (a) Prepare all journal entries associated with Equipment A and Equipment B, separately, as required under all relevant IFRS from 1 Apr 2012 to 31 March 2014. Year-end journal entries to close income and expense items to balance sheet equity are not required.

Fair Value at 1 Apr 2012 (5) Carrying amount at 31 Mar 2012 (5) Estimated Cost Accumulated Total Useful life depreciation Fair Value Equipment A Equipment B 8 years 6 years 240,000 120,000 (60,000) (40,000) 150,000 112,000 Fair Value at 1 Apr 2012 (5) Carrying amount at 31 Mar 2012 (5) Estimated Cost Accumulated Total Useful life depreciation Fair Value Equipment A Equipment B 8 years 6 years 240,000 120,000 (60,000) (40,000) 150,000 112,000