TRTS Ltd$.$ is a multi$-$modal public transportation

operator that operates a city subway train network, a bus network and a taxi network. The company has a $31$ Dec financial year$-$end.

The cost model is adopted under IAS $16($Property$,$ Plant and Equipment$)$ for the following fixed assets which are depreciated on a straight$-$line basis at an annual rate indicated as follows $($i$.$e$.$ annual depreciation expense is recognized by applying the rate indicated to the cost of the asset$)$:

$$ Trains and other rolling stock $5\%$ of cost$.$

$$ Power, signaling and ticketing systems $5\%$ of cost$.$

$$ Buses $10\%$ of cost$.$

$$ Taxis $15\%$ of cost$.$

$$ Land and buildings $2\%$ of cost$.$ The land and buildings are entirely for internal use.

With a view to investing its surplus cash in attractive real estate assets, the company acquired two commercial properties $(222$ Somerset and $7$ Marina Boulevard$)$ on $1$ Jan $2010.$ Both of these properties are held for investment and rental income, have a useful life of $50$ years each with zero salvage value, and are accounted for using the fair value model under IAS $40($Investment Property$).$ Fair market values are based on estimated prevailing market values of the properties at the end of each year as provided by an independent real estate appraiser.

The company conducts annual impairment tests on its fixed assets for each asset $($in the case of commercial properties$)$ or each class of assets $($in the case of property plant and equipment$),$ except for trains and other rolling stock, power, signaling and ticketing systems which are combined into one cash generating unit $$ known as the train network CGU $$ because these assets do not have stand$-$alone recoverable amounts but they jointly contribute to the operating cash flow of the train network as a whole. There were no impairment losses on any asset prior to $31$ Dec $2010.$

On $1$ Jan $2011,$ the company further acquired The Esplanade Hotel for $$100,000.$ The hotel is entirely internally managed by the company. The revaluation model was adopted for this hotel under IAS $16($Property$,$ Plant and Equipment$)$ with annual depreciation additionally recognized on a straight$-$line basis over $50$ years with zero salvage value. For the Esplanade Hotel, there is no impairment after revaluation on $31$ Dec $2011($impairment under revaluation model topic is not examinable in this course$).$

Required:

You may compute all amounts to the nearest dollar. Show brief and relevant workings.

$($d$)$ Prepare journal entries to recognize depreciation, impairment loss, revaluation surplus or deficit $($if any$),$ and fair value gains or losses $($if any$)$ as required under all relevant IFRSs for the year ended $31$ Dec $2011$ for each fixed asset or class of fixed assets as appropriate. Provide brief workings to support your answer.

$($e$)$ Suppose the company made profit before depreciation, impairment losses, revaluation surpluses$/$deficits and fair value gains$/$losses of $$62,000$ for the year ended $31$ Dec $2011.$

Using this profit number as a starting point, prepare a formal Statement of Comprehensive Income for TRTS Ltd$.$ for the year ended $31$ Dec $2011.$ Ignore tax.