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Panama bought an item of property, plant and equipment for K80 million on 1 January 2012. The asset had zero residual value and was to

Panama bought an item of property, plant and equipment for K80 million on 1 January 2012. The asset had zero residual value and was to be depreciated over its estimated useful life of 20 years. On 1 January 2015 the asset was revalued to its fair value of K95 million. Calculate the amounts to shown in the financial statements of Panama for the year-ended 31 December 2015

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