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Jabs Plc purchased a plant which cost of M1 500 000 three years ago currently has and accumulated depreciation of M450 000. Its estimated

Jabs Plc purchased a plant which cost of M1 500 000 three years ago currently has and accumulated depreciation of M450 000. Its estimated useful life was determined at ten years. The plant is revalued when the replacement cost of a similar new plant is M2 000 000. Assume that the plant has no residual value. Required a) using the Elimination Option make the relevant journal entries (assume the plant is sold after revaluation) (7 marks)

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