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Posisang Bhd prepares its interim report on a quarterly basis. Its current financial year ends on 31 December 2016. The business has bought a motor

Posisang Bhd prepares its interim report on a quarterly basis. Its current financial year ends on 31 December 2016. The business has bought a motor vehicle costing RM250,000 on 1 July 2016. The motor vehicle is depreciated using the straight line method on a monthly basis and is expected to be used for 5 years.

1. Discuss the accounting treatment on the recognition and measurement principles applicable for the above transaction in the preparation of the interim report for the third and fourth quarter.

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