Question 3 Mirage Ltd, a hotel operator, acquired a hotel property on 1 April 2017 at a cost of $50 million. This cost was allocated as follows: Land Building Furniture and fittings Inventory of retail products $m 12 25 10 3 50 Useful economic life Indefinite 50 years 10 years Until sold Year ended 31 March 2018 A renovation of Mirage Ltd's property was carried out on 1 April 2017 at a cost of $10 million. $3 million of this cost was allocated to the building and $7 million as additional furniture and fittings. A full year's depreciation was charged for year ended 31 March 2018. All the inventory was sold for $5 million during that year. Year ended 31 March 2019 The hotel property was revalued on 1 April 2018 to $74 million. The revaluation was conducted by a professional who produced the following breakdown: $m 18 Land Building Furniture and fittings Useful economic life Indefinite 50 years 8 years 40 16 74 Mirage Ltd records all non-current assets of the hotel property under the class of property, plant and equipment. It adopts the revaluation model of HKAS 16 whenever it is permitted to do so, and transfers realized revaluation surplus to retained profits. No residual values are expected for the building, and furniture and fittings. Mirage adopts the perpetual system for inventory. Required: Prepare the journal entries to record the above transactions and events for the years ended 31 March 2018 and 2019. Ignore deferred tax implications. Calculate to the nearest $10,000