Mari-Mari Enterprise (MME) started their business on 1st July 1995. The following are the description of MME Property, Plant and Equipment.

	Types of PPE	Useful life	Acquisition date	Acquisition cost
1	Plant	20 years	1st July 1998	RM500,000.00
2	Vehicles	8 years	1st July 2008	RM180,000.00
3	Buildings	25 years	1st July 1995	RM1,000,000.00

All of the assets were recognized at cost. MME uses straight line method to depreciate its assets. Commencing 31st June 2010, MME adopted the revaluation model to value its buildings and plant. MME recorded an increase of RM15,000 for plant and a decrease of RM30,000 for buildings. Revaluation is to be conducted every five years.

In the year 2013, MME vehicles were believed to be impaired due to an unexpected flooding in the area. In June, MME carried out an impairment test on the vehicles and found that the fair value after disposal were RM 54,000.00. If the vehicles were continued to be used in operation, benefit expected at the end of June 2014, 2015 and 2016 would be RM15,000.00, RM20,000.00 and RM30,000.00 with expected cost of capital 9%, 10%, 11% respectively.

In June 2015, the building and plant were revalued. MME recorded a decrease of RM30,000 for plant and an increase of RM40,000 for buildings. In the same month, MME conducted another impairment test for vehicles. The vehicles value in use and fair value after disposal costs were RM25,000.00 and RM21,000.00 respectively.

REQUIRED

a. Prepare journal entries to record revaluation on equipment and land for the year ended 31st June 2010 and 31st June 2015.

[5 Marks]

b. Prepare journal entries to record impairment loss for vehicles for the year ended 31st June 2013. (Calculate value in use amount to the nearest Ringgit (RM) using Present Value formula). [10 Marks]

c. Prepare journal entries to record reversal of impairment loss (if any) for vehicles the year ended 31st June 2015.

[10 Marks]

Please show detail calculations to support your entries.