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The following is an extract from the trial balance of Caraway Ltd as at 31.3.2018: Land at cost at 31 March 2018 2,200,000 Buildings at

The following is an extract from the trial balance of Caraway Ltd as at 31.3.2018:

Land at cost at 31 March 2018

2,200,000

Buildings at cost at 31 March 2018

1,400,000

Machinery at cost at 31 March 2018

1,050,000

Accumulated depreciation at 1 April 2017:

Buildings

Machinery

600,000 140,000

The following notes are available:

  1. At 31 March 2018, the land is revalued at 3,000,000. There were no purchases or disposals during the year.
  2. Buildings are depreciated at 5% of cost with a full years depreciation in the year of purchase. During the year a building costing 400,000 was purchased.
  3. During the year, a machine costing 250,000 was sold for 60,000. The accumulated depreciation on the machine was 80,000. Machinery is depreciated at 10% reducing balance basis.

Required: Complete the note to the accounts for PPE for the year ended 31.3.2018.

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