QUESTION FIVE Construction of Ham Co's new store began on 1 April 2011. Its financial year ends on 31st March each year. The following costs were incurred on the construction: GHE Freehold land 4,500 Architect fees 620 Site preparation 1,650 Materials 7,800 Direct labour costs 11,200 Legal fees 2,400 General overheads 940 The store was completed on 1 January 2012 and brought into use following its grand opening on the 1 April 2012. Ham Co issued a GH25m unsecured loan on 1 April 2011 to aid construction of the new store (which meets the definition of a qualifying asset per IAS 23). The loan carried an interest rate of 8% per annum and is repayable on 1 April 2014. Required (a)Calculate the amount to be included as property, plant and equipment in respect of the new store (9 marks) (b)State what impact the items below would have on the statement of profit or loss (if any) for the year ended 31 March 2012. (6 marks) (1) General overheads (ii) Loan interest (iii) Depreciation on the store