O WORDS POWERED BY TINY SANEA QUESTION 2 10 points On 1 July 2019, Buildme Ltd acquired a boat from an overseas supplier that will take approximately 3 months to deliver. The purchase costs were $1,000,000, import duties and takes 5140.000, transportation expenses were $10,000, and the installation costs were $50,000. The transportation and installation costs were paid on receipt of the machine and an agreement with the supplier was reached to pay the remaining balance within 60 days of receiving the boat. The company paid cash for $100,000 worth of routine maintenance costs on the boat after one year of use. The fair value of the boat (including installation) was 51,300,000. Required: Calculate the initial purchase price of the property, plant and equipment (automated bottling plant) and show your workings (include) references to the accounting standards. (9 marks) Prepare general journal entries to record the initial purchase of property, plant and equipment using the cost model. (3 marks) Prepare general journal entries to record repairs and maintenance and identify the impact of the journal on the financial statements. marks) Identify criteria needed for maintenance costs to be capitalized, and what impact this would have on the financial statements. (2 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B Paragraph Arial 14px A I. XoGQ 6 E = X X, > TTC RE 1 2 22 . ELE v #HHE 13 (8) Save All Answers Close Window Save and Submit Click Save and submit to sove and submit. Click Save All Answers to save all answers