Question 9.11 On 1 July 2016, Kingdom Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows: Revaluation of assets Machine A Machine B Cost $100 000 60 000 Machine A Machine B The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2017, information about the assets is as follows: Expected useful life 5 years 3 years Fair value $84 000 38 000 Expected useful life 4 years 2 years On 1 January 2018, Machine B was sold for $29 000 cash. On the same day, Kingdom Ltd acquired Machine C for $80 000 cash. Machine C has an expected useful life of 4 years. Kingdom Ltd also made a bonus issue of 10 000 shares at $1 per share, using $8000 from the general reserve and $2000 from the asset revaluation surplus created as a result of measuring Machine A at fair value. At 30 June 2018, information on the machines is as follows:

On 1 July 2016, Kingdom Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows: The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2017 , information about the assets is as follows: On 1 January 2018, Machine B was sold for \\( \\$ 29000 \\) cash. On the same day, Kingdom Ltd acquired Machine \\( \\mathbf{C} \\) for \\( \\mathbf{5 8 0} \\mathbf{0 0 0} \\) cash. Machine \\( \\mathrm{C} \\) has an expected useful life of 4 years. Kingdom Ltd also made a bonus issue of 10000 shares at \\( \\$ 1 \\) per share, using \\( \\$ 8000 \\) from the general reserve and \\( \\$ 2000 \\) from the asset revaluation surplus created as a result of measuring Machine \\( A \\) at fair value. At 30 June 2018, information on the machines is as follows: On 1 July 2016, Kingdom Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows: The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2017 , information about the assets is as follows: On 1 January 2018, Machine B was sold for \\( \\$ 29000 \\) cash. On the same day, Kingdom Ltd acquired Machine \\( \\mathbf{C} \\) for \\( \\mathbf{5 8 0} \\mathbf{0 0 0} \\) cash. Machine \\( \\mathrm{C} \\) has an expected useful life of 4 years. Kingdom Ltd also made a bonus issue of 10000 shares at \\( \\$ 1 \\) per share, using \\( \\$ 8000 \\) from the general reserve and \\( \\$ 2000 \\) from the asset revaluation surplus created as a result of measuring Machine \\( A \\) at fair value. At 30 June 2018, information on the machines is as follows