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Question 3 3.1. Discuss the disclosure requirements for a change in accounting policy. 3.2. RT (LTD) purchased a plant for R3 000 000 on 1

Question 3

3.1. Discuss the disclosure requirements for a change in accounting policy.

3.2. RT (LTD) purchased a plant for R3 000 000 on 1 January 2018.

Depreciation on a straight-line basis over 25 years

Residual Value R500 000

On 1 January 2022, the company reassessed the remaining useful life of the asset and calculated it to be 16 years and the residual value was changed to R250 000

Required:

*Disclose the change in accounting estimate for the year ended 31 December 2022?

3.3. State the journal to correct the depreciation?

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