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QUESTION 1 Qayfiq Bhd intended to expand its business. In order to do that, the company acquired a piece of land for the use of constructing a new administrative building. The land was acquired together with an Old abandoned building. Details on the costs related to the land and building construction are as follows: Cost of land purchased as a building site Cost Of land clearing Old building demolition costs Professional and legal fees Insurance during construction Building permit fees Construction costs Cost of pavement, fences and parking lots General expenses Interest costs recognised during construction period RM 750,000 50.000 45,000 37,000 3,000 5.000 120,000 250,000 55,000 Professional and legal fees consist of expenses relating to transfer of ownership of land totalling RMI 5.000. architect fees Of RM21 and also title search fee Of RM I Included in the general expenses are the salary for administrative staff amounting to while the other RM30,000 is for the personnel that guarding the construction site. To accommodate the mission of improving productivity and efficiency, the company also purchased new specialised machine and equipment with a combined price Of RM 1 80,000 by issuing 50,000 units of ordinary share at RM3.60 per share. Based on a reliable source, the market value Of the machine and the equipment is RM 150,000 and RMSO,OOO respectively. Other costs paid during the acquisition of the machine comprised of delivery cost at RM2,500, installation cost of RM4,500 and trial run expense prior to actual production Of The company also held an annual technician training and safety program with a cost amounted to RM12,250. Beside that, Qayfiq Bhd exchanged an Old vehicle with a cost Of for a new vehicle with a fair market value of RM145,000. The accumulated depreciation for the old vehicle is with an estimated fair value of RM35,000. Qayfiq Bhd also pay cash RM 1 1 as an addition to the transfer Of the Old vehicle. REQUIRED: (b) (c) In accordance to MFRS 116 Property, Plant and Equipment, determine the costs Of (i) land, (ii) land improvement, and (iii) building incurred by Qayfiq Bhd. 2 Calculate the costs Of machine and equipment accordance to MFRS 116 Property, Plant and Equipment and prepare the relevant journal entry (ies) for these acquisitions. Show your calculations. Prepare the journal entries to record the exchange related to the vehicle assuming that the exchange has commercial substance. Show your calculations.