Sporch Limited, involved in the transportation of perishable goods, held the following assets at 28 February 2011, the end of its previous financial year:

Asset	Note	Date of acquisition	Total cost R	Residual value R	Useful life
Vehicles	1	1 March 2009	1 600 000		10 years
Warehouse	1, 2	31 August 2009	2 370 000	570 000	8 years
Building	1, 3	1 March 2010	1 800 000	150 000	25 years
Land stand 134	1, 4	1 April 2009	400 000		Unlimited

Notes (additional information):

1. The vehicles and warehouse are recognised on the cost model. Buildings classified as property, plant and equipment are accounted for in accordance with the revaluation model, using the gross replacement method. Where applicable, assets are depreciated over their respective estimated useful lives to their residual values. Any revaluation surplus is released to retained earnings as the relevant asset is utilised over its useful life.
2. During the current financial year, the remaining useful life of the warehouse, used for cold storage purposes, was re-estimated to be four years from the start of the current financial year. It was also determined that the estimated residual value decreased to R450 000. Changes in estimates are accounted for using the re-allocation method. The fair value of this property was R2 500 000 on 29 February 2012.
3. The operations of the company are run from the building acquired on 1 March 2010. On 1 March 2011 Mr James, an expert appraiser, valued the property at a fair value (net replacement value) of R2 223 600, with reference to similar properties in the same area and which are in a similar condition. The fair value of this building at 29 February 2012 was determined as R1 484 000. The residual value remained unchanged since the date of acquisition.
4. The warehouse and building are situated on stand 134, Deal Party in Port Elizabeth. The fair value of the land was R700 000 on 29 February 2012.
5. Sporch Limited invested in industrial refrigerator at a cost of R1 800 000 on 30 May 2011. Large inspections must be performed every three years on this refrigerator. The 3-year inspection was due on 1 June 2011, and was performed at a cost of R400 000. The previous inspection was performed at a cost of R360 000. The refrigerator is recognised on the cost model and is depreciated over the estimated useful life of 5 years to a nil residual value.
6. Ignore taxation.

REQUIRED:

1. Calculate the amount of depreciation for the warehouse for the year ended 29 February 2012. (5)
2. Prepare all general journal entries relating to the building on stand 134 for the year ended 29 February 2012. Narrations are not required. (20)
3. Prepare an extract of the property, plant and equipment note to the financial statements for the year ended 29 February 2012 in accordance with IFRS, relating to the refrigerator only. Comparative figures are not required. (7)