Question S oco/as YeAs 25 Marks (45 Minutes) n Little oddlers (Pty) Ltd Windhoek and manufactures (hereafter Little Toddlers) is a company that has been opeldug clothes for children. LIttle 1oddlers Ltd purchased a plant on 1 January 2017 for N$ 5 700 000. The plan userul lite of 25years and a residual value of NS 450 000. Little Toddlers Ltd has the intenuo Or using the iowance plant over till 25 the years end of on its economic useful life. Inland Revenue allows a wear-and the plant not proportioned for periods shorter than a ne yea plant has been revalued for the first time during the 2020 financial year N to its fair value ol 500 000. Little Toddlers Ltd realises any revaluation surplus which arise on n revaluation of property, plant and equipment to the retained earnings as the asset is used Required: Sel Please calculate the following if you assume that Little Toddlers Ltd cuS re-values its assets ( vaA a) efnd of the financial yea i) i) Remaining useful life as at 1 January 2020 Remaining useful life as at 31 December 2020 Total depreciation over the asset's useful life Historical carrying amount as at 1 January 2020 Historical carrying amount as at 31 December 2020 Accumulated depreciation at 31 December 2020 Net realisable value ("NRV") as at 31 Dec 2020 Gross realisable value ("GRV) as at 1 Jan 2017-150 (0.5) (0.5) (0.5) (0.5) (0.5)1 (0.5) iin) iv) vi) vii) vi) u (0.5X (0.5) If you assume that Little Toddlers Ltd year, provide all the re-values its assets at the end of the financial journal entries to account ior the asset and the related revaluation of the asset in the financial records of Little Toddlers Ltd for the year ended 31 December 2020 if Little Toddlers Ltd accounts for revaluations in proportional method or the elimination method. terms of either the Deferred tax required. Journal narrations are journal(s) are not required. 1 mark will be allocated for communication skills (13)