QUESTION 3 On 1 April 2006 Moriarty Ltd acquired an item of property, plant and equipment (PPE) for a cash sum of $1 000 000. The asset was to be depreciated over 10 years using the SL method of depreciation. The entity made the following estimates of the value of the asset: Year ended: 31 March 2010 Fair value less costs to sell Value in use Fair value $623 000 $720,000 $624 000 31 March 2012 386 000 390,000 388 000 31 March 2014 200 500 198,000 202 000 Part B Required: Assume Moriarty Ltd changed to the revaluation model on 31 March 2010. (i) Prepare all the journal entries from 1 April 2009 up until the 31 March 2014 in relation to the PPE item. This includes journal entries for revaluations and depreciation. Show all your workings in the journal entries. (i) Prepare the non-current asset section of the SFP as at 31 March 2010, 2012, and 2014 on page 6 in the answer booklet.