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Logging Bhd, a logger since year 2000. The company has been granted with the concession right to extract the timber at the new area
Logging Bhd, a logger since year 2000. The company has been granted with the concession right to extract the timber at the new area in a forest at Pahang and thus, incurred the following costs for the year ended 30 June 2015: Expenditure Construction of road in the forest Construction of temporary office building in the forest Construction of living quarters for the workers Construction of canteen in the forest Construction of store Administration expenses Amount (RM) 80,000 60,000 215,000 30,000 50,000 56,000 The business activity was permanently ceased on 10 March 2020 and the forest concession was transferred to Balak Sdn Bhd on 2 July 2020 for a consideration of RM160 million. Required: Compute the forest allowances and forest charge for all relevant years of assessment for Logging Bhd if election was made to spread the forest charge accordingly.
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