Please solve all parts of the question with full answer and full explanation.

3. Poodle plc The following issues remain outstanding in the preparation of the financial statements for Poodle plc for the year ended 31 December 2019: I. Poodle plc is in the process of completing a major factory refit for one of its clients. The factory fitting contract has a fixed priced of 150,000. At 31 December 2019 a surveyor certified the project as being 60% complete and costs incurred to that date totalled 55,000. The client paid a deposit of 50,000 when the contract was signed, with the remaining amount being due when the work is complete. Costs to complete the work have been reliably estimated at 55,000. Revenue and profit relating to service contracts are recognised by Poodle plc based on surveys of work performed. Factory signs are also sold by Poodle plc on behalf of a third party company, Pug Ltd. If a client orders a factory sign, Poodle plc orders the sign direct from Pug Ltd, then collects the money from the client and passes on 80% of its value onto Pug Ltd. During the year ended 31 December 2019 Poodle plc made sales totalling 1,400,000 on behalf of Pug Itd. (14 marks] 11. On 31 December 2019 Poodle plc decided to sell some specialist fitting machinery that was no longer required and the asset was put up for sale. The machinery was taken out of service and advertised nationally at a price of 51,000. The asset was originally acquired on 1 April 2007 and was estimated to have a useful life of 20 years. The asset was revalued on 31 March 2015 to 84,000. Its carrying amount at this time was 74,000. There was no change to its estimated remaining useful life and no transfers had been made between retained earnings and the revaluation reserve. The asset's fair value on 31 December 2019 was estimated at 50,000 and the costs to sell at 1,500. [21 marks] Required: Explain the required IFRS financial reporting treatment for the issues described above, preparing all relevant calculations and discussing the impact on the financial statements of Poodle plc for the year ended 31 December 2019. [Q3. Total words limit: 1000] 3. Poodle plc The following issues remain outstanding in the preparation of the financial statements for Poodle plc for the year ended 31 December 2019: I. Poodle plc is in the process of completing a major factory refit for one of its clients. The factory fitting contract has a fixed priced of 150,000. At 31 December 2019 a surveyor certified the project as being 60% complete and costs incurred to that date totalled 55,000. The client paid a deposit of 50,000 when the contract was signed, with the remaining amount being due when the work is complete. Costs to complete the work have been reliably estimated at 55,000. Revenue and profit relating to service contracts are recognised by Poodle plc based on surveys of work performed. Factory signs are also sold by Poodle plc on behalf of a third party company, Pug Ltd. If a client orders a factory sign, Poodle plc orders the sign direct from Pug Ltd, then collects the money from the client and passes on 80% of its value onto Pug Ltd. During the year ended 31 December 2019 Poodle plc made sales totalling 1,400,000 on behalf of Pug Itd. (14 marks] 11. On 31 December 2019 Poodle plc decided to sell some specialist fitting machinery that was no longer required and the asset was put up for sale. The machinery was taken out of service and advertised nationally at a price of 51,000. The asset was originally acquired on 1 April 2007 and was estimated to have a useful life of 20 years. The asset was revalued on 31 March 2015 to 84,000. Its carrying amount at this time was 74,000. There was no change to its estimated remaining useful life and no transfers had been made between retained earnings and the revaluation reserve. The asset's fair value on 31 December 2019 was estimated at 50,000 and the costs to sell at 1,500. [21 marks] Required: Explain the required IFRS financial reporting treatment for the issues described above, preparing all relevant calculations and discussing the impact on the financial statements of Poodle plc for the year ended 31 December 2019. [Q3. Total words limit: 1000]