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please help me with this Homework. it is 20 Marks. Question 4 Mwamba Ltd conducts its activities from two properties - a head office in

please help me with this Homework. it is 20 Marks. image text in transcribed
Question 4 Mwamba Ltd conducts its activities from two properties - a head office in the city centre and a property in the countryside where staff training is conducted. Both properties were acquired on 1 st April 2009 and had estimated lives of 25 years with no residual value. The company has a policy of carrying its land and buildings at current values. However, until recently property prices had not changed for some years on 1st October 2011, a firm of surveyors revalued the properties. Details of this and the original costs are: The fall in the value of the training premises is due mainly to damage done by the use of heavy equipment during training. The surveyors have also reported that the expected life of the training property in its current use will only be a further 10 years from the date of valuation. The estimated life of the head office remained unaltered. Note: Mwamba treats its land and its buildings as separate assets. Depreciation is based on the straight line method from the date of purchase or subsequent revaluation. Required Prepare extract of the financial statement of Mwamba L.t in respect of (20mks) the above properties for the year to 31st March 2012

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