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Question 14 Part 1 As at 1 April 2015, the balance sheet of Super Estate Limited shows a piece of land at a value of $7,800,000. In previous years the company had recorded revaluation loss of $100,000 arising from revaluation of the land. The following market values of the land were determined by a professional valuation consultant: Year Ended Market Value 31 March 2016 9.000.000 31 March 2017 8,400,000 31 March 2018 7,600,000 31 March 2019 7,900,000 Required: Prepare journal entries to record the revaluation of the land for the years ended 31 March 2016, 31 March 2017, 31 March 2018 and 31 March 2019. Date Details Debit Credit 31/3/2016 Land Revaluation Gain Revaluation Reserve 31/3/2017 Revaluation Reserve Land 31/3/2018 Revaluation Reserve Revaluation loss 31/3/2019 Land Revaluation Gain Part 2 Airlink Limited operates airport shuttle services in Hamilton. The following details of the company's vehicles used in shuttle services were extracted from the accounting records as at 1 January 2017: Vehicles $300,000 Accumulated Depreciation Vehicles $30.000 Accumulated Impairment Vehicles $6,000 The following information relates to the vehicles for the years ended 31 December 2017 and 31 December 2018: Year ended 31 December 2017. Depreciation for the year ended 31 December 2017 $27,000 Net sales value as at 31 December 2017 $225,000 Value in use as at 31 December 2017 $245,000 Year ended 31 December 2018: Depreciation for the year ended 31 December 2018 $21.000 Net sales value as at 31 December 2018 Value in use as at 31 December 2018 $215,000 $220,000 Part 2 Airlink Limited operates airport shuttle services in Hamilton. The following details of the company's vehicles used in shuttle services were extracted from the accounting records as at 1 January 2017: Vehicles $300,000 Accumulated Depreciation Vehicles $30,000 Accumulated Impairment Vehicles 56,000 The following information relates to the vehicles for the years ended 31 December 2017 and 31 December 2018: Year ended 31 December 2017 Depreciation for the year ended 31 December 2017 $27,000 Net sales value as at 31 December 2017 $225.000 Value in use as at 31 December 2017 $245.000 Year ended 31 December 2018: Depreciation for the year ended 31 December 2018 $21,000 Net sales value as at 31 December 2018 Value in use as at 31 December 2018 $215,000 $220,000 Required: Prepare general journal entries to record the impairment (if any) or recovery of impairment (if any) of vehicles for the year ended 31 December 2017 and 31 December 2018 Date Details Debit Credit 31/12/2017 Accumulated Impairment Recovery of impairment loss Debit Credit Date Details 31/12/2018Impairment loss Accumulated Impairment 0 Part 3 Technology Limited manufactures iPads that are sold throughout New Zealand. During the year ended 31" December 2017, the company operated at only 85% of its normal capacity and produced 93,500 units of iPads. The following information relates to the iPads for the year ended 31" December 2017: Raw materials inventory as at 1 January 2017 $420,000 Raw materials inventory as at 31 December 2017 5504,000 Purchases of raw material $5.300.000 Direct labour cost-Factory wages $1,400,000 Variable manufacturing overhead cost $400,000 Factory building depreciation 5500,000 $60.000 Factory machine depreciation Insurance on factory building and machine $30,000 $200,000 Maintenance and repairs of factory machine Factory Supervisors salary $170,000 Sales commission 15% of selling price Part 3 Technology Limited manufactures iPads that are sold throughout New Zealand. During the year ended 31 December 2017, the company operated at only 85% of its normal capacity and produced 93,500 units of iPads. The following information relates to the iPads for the year ended 31" December 2017: Raw materials inventory as at 1 January 2017 $420,000 Raw materials inventory as at 31 December 2017 $504,000 Purchases of raw material $5,800,000 Direct labour cost-Factory wages $1,400,000 Variable manufacturing overhead cost $400,000 Factory building depreciation 400.000 Factory machine depreciation 560,000 Insurance on factory building and machine $30,000 Maintenance and repairs of factory machine $200,000 Factory Supervisors salary $170,000 Sales commission 15% of selling price Selling price per unit of iPad $200 Required: (a) Prepare a statement showing the cost of goods manufactured for the year ended 31 December 2017 C Opening raw materials inventory Purchases of raw materials Less closing raw materials inventory Raw materials used in production Variable MOH Factory wages Total variable cost Allocation of fixed overhead Total cost of goods manufactured Allocation of fixed overhead cost: Factory building depreciation Factory machine depreciation Insurance on factory building and machine Maintenance and repairs of factory machine Factory Supervisors salary Total fixed overheads Allocation for 2014 production Total cost of goods manufactured 0 (b) With reference to the relevant New Equivalent to International Accounting Standard (NZ IAS), compute the total value of the finished goods inventory as at 31" December 2017. Reference - NZIAS 2 Cost per unit of finished product- Net realisable value per unit of finished product- NZ IAS 2 requires that closing inventory be valued at lower of cost and net realisable value. Therefore the value per unit of product as at 31st December wwwpowy p www.v following information relates to the iPads for the year ended 31 December 2017: Raw materials inventory as at 1 January 2017 $420,000 Raw materials inventory as at 31 December 2017 5504.000 Purchases of raw material $5,800,000 Direct labour cost-Factory wages $1,400,000 Variable manufacturing overhead cost $400.000 Factory building depreciation $500,000 Factory machine depreciation 560,000 Insurance on factory building and machine $30,000 Maintenance and repairs of factory machine $200,000 Factory Supervisors salary $170,000 Sales commission Selling price per unit of iPad 15% of selling price $200 Required: (a) Prepare a statement showing the cost of goods manufactured for the year ended 31 December 2017 (b)SS Opening raw materials inventory Purchases of raw materials Less closing raw materials inventory Raw materials used in production Variable MOH Factory wages Total variable cost Allocation of fixed overhead Total cost of goods manufactured Allocation of fixed overhead cost: Factory building depreciation Factory machine depreciation Insurance on factory building and machine Maintenance and repairs of factory machine Factory Supervisoes salary Total fixed overheads Allocation for 2014 production Total cost of goods manufactured (b) With reference to the relevant New Equivalent to International Accounting Standard (NZ IAS), compute the total value of the finished goods inventory as at 31" December 2017. Reference - NZIAS 2 Cost per unit of finished product = Net realisable value per unit of finished product = NZ IAS 2 requires that closing inventory be valued at lower of cost and net realisable value. Therefore the value per unit of product as at 31st December 2017 is