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Case 4: Background: High end Luxury cars SAOC provides self-drive and chauffeur-driven luxury cars on rent. You are currently employed as an accountant in such company and largely responsible for maintenance of accounting records for its non-current assets. Below are the issues related to specific assets that you are required to deal with and provide necessary treatment? Situation 1: On 1st April 2017 they purchase a fleet of new cars for RO 1,200,000. The company intends to operate these for four years and then sell them During their ownership the company will account for the fleet as a single asset. The resale value after three years is estimated to be 30% of the cost. The company's year-end is 31st December. In the light of rising fuel costs and the shrinking economy on 1st January 2019 management conduct a review of the second-hand luxury market and they conclude the residual value of their fleet has fallen to 20% of cost. Objective: To show how the asset will be accounted for under IAS 16 in the company's annual accounts for the year 2019 & 2020 (4 marks) Situation 2: The Company also has a small cafe, and the assets in such at the end of the year 2019 worth RO 000 Cafe furniture & accessories 600 Kitchen Equipment 500 Land containing the Caf 4,000 Brand (Sandbuck) 400 During the year 2019 the reputation of the caf got effected due to heavy local competition and the caf was worth RO 3 million in comparison to worth given above. Due to the reputational damage, the Sandbuck brand is now deemed to be worthless. Objective: Show the impact of such reputational damage as per the provisions of IAS 36 for the year ended 2019. (4 marks) Apart from the above the manager needs to know how such situations will affect the financial performance of the business for the year 2019 & 2020. (2 marks Min 75 100 words) Case 4: Background: High end Luxury cars SAOC provides self-drive and chauffeur-driven luxury cars on rent. You are currently employed as an accountant in such company and largely responsible for maintenance of accounting records for its non-current assets. Below are the issues related to specific assets that you are required to deal with and provide necessary treatment? Situation 1: On 1st April 2017 they purchase a fleet of new cars for RO 1,200,000. The company intends to operate these for four years and then sell them During their ownership the company will account for the fleet as a single asset. The resale value after three years is estimated to be 30% of the cost. The company's year-end is 31st December. In the light of rising fuel costs and the shrinking economy on 1st January 2019 management conduct a review of the second-hand luxury market and they conclude the residual value of their fleet has fallen to 20% of cost. Objective: To show how the asset will be accounted for under IAS 16 in the company's annual accounts for the year 2019 & 2020 (4 marks) Situation 2: The Company also has a small cafe, and the assets in such at the end of the year 2019 worth RO 000 Cafe furniture & accessories 600 Kitchen Equipment 500 Land containing the Caf 4,000 Brand (Sandbuck) 400 During the year 2019 the reputation of the caf got effected due to heavy local competition and the caf was worth RO 3 million in comparison to worth given above. Due to the reputational damage, the Sandbuck brand is now deemed to be worthless. Objective: Show the impact of such reputational damage as per the provisions of IAS 36 for the year ended 2019. (4 marks) Apart from the above the manager needs to know how such situations will affect the financial performance of the business for the year 2019 & 2020. (2 marks Min 75 100 words)