Question 2 On 1 July 2015, Damai Bhd acquired a number of assets from Aman Bhd. The assets had the following fair values at that date: Plant A RM300,000 Plant B RM180,000 Furniture A RM60,000 Furniture B RM50,000 In exchange for these assets, Damai Bhd issued 200,000 shares with a fair value of RM2.95 per share. The directors of Damai Bhd decided to measure plany at fair value under the revaluation model and furniture at cost. The plant was considered to have a further 10-year life with benefits being received evenly over that period, whereas furniture is depreciated evenly over a 5-year period. At 31 December 2015, Damai Bhd assessed the carrying amounts of its assets as follows: Plant A was valued at RM296,000, with an expected remaining useful life of 8 years Plant B was valued at RM168,000, with an expected remaining useful life of 8 years Furniture A's carrying amount was considered to be less than its recoverable amount Furniture B's recoverable amount was assessed to be RM40,000, with an expected remaining useful life of 4 years. Appropriate entries were made at 31 December 2015 for the half-yearly accounts. On 15 February 2016, Damai Bhd made a bonus issue of shares: 5,600 shares fully paid to RMI per share were issued from the Plant A asset revaluation surplus. At 30 June 2016, Damai Bhd assessed the carrying amounts of its assets as follows: Plant A was valued at RM274,000 Plant B was valued at RM161,500 The carrying amounts of fumiture less than their recoverable amounts. Required: Explain the accounting treatment and prepare the journal entries during 2015 and 2016 period in relation to the non-current assets in accordance with MFRS116 Property, Plant and Equipment