PROPERTY, PLANT AND EQUIPMENT The accountant of ABC Limited has finalised the draft financial statements for the year ended June 30 2019. Mr. Bret, the CEO of the Company is not satisfied with the non-current assets reported in the above financial statements and have hired you to review the same. The details of non-current assets appearing in the financial statements are as follows: Fixed Asset Useful Life (years) Land Building Plant & Machinery Furniture & Fixtures Cost f 2019 50,000 72,500 119,100 30,750 Accumulated Depreciation f 2019 2018 0 45,625 39,940 22.575 2018 50,000 70,000 100,000 30,000 20 15 10 0 42.000 32.000 19.500 Depreciation is provided on straight line basis from the date of purchase to the date of sale. An analysis of the working papers has revealed that the details of additions/deletions to non-current assets are as follows: (1) In January 2019, 2,000 were spent on the extension of the underground water tank and 500 were spent on fumigation of the entire building On March 31, 2019 a generator which had completed five years of its life was replaced by another generator. The cost of new generator was 20,000 whereas the supplier allowed 10% of the cost of the old generator as trade-in-allowance. As a result, the company made a payment of 19,100 only. (iii) On July 1, 2018 fully depreciated fumiture costing 4,000 was repaired at a cost of 750. It is expected that the repairs would allow the furniture to be used for the next five years. You are required to prepare necessary journal entries to record the required corrections