IAS 16 Property, Plant and Equipment - Example 1 On January 1, 01, Wellington AG acquires a storage tank for EUR 360,000 which is available for use on the same day. Payment is carried out via bank transfer on the same day. The useful life of the tank is six years. The tank is depreciated on a straight-line basis. The tank is used to store materials which are ecologically harmful. Therefore, Wellington AG is legally obliged to dispose of the tank appropriately at the end of its useful life in such a manner that the environment is cared for. The entity estimates the expected future costs for disposing the tank to be EUR 42,000 on December 31, 06. Wellington AG applies the cost model according to IAS 16 for the measurement of the tank. The discount rate is 7.3 % p.a. Carry out the necessary journal entries for the business years 01 and 02. Journal entries so far: No journal entries have been carried out so far