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Workshop Ltd had its head office located in Durban, South Africa. During the landslide on 30 June 2022, a building nearby, which it owned and
Workshop Ltd had its head office located in Durban, South Africa. During the landslide on 30 June 2022, a building nearby, which it owned and was renting to Ushaka Limited, was destroyed. As Ushaka Ltd was a valued tenant, Workshop Ltd decided to move its own head office to another utilization building nearby, which was currently also used for administrative purposes and to lease this original head office building to Ushaka Limited as a replacement. The move was effective from 30 June 2022. Other information: - The head office was purchased on the 01 January 2022 for R450 000 (total useful life :5 years) - The fair value of the head office building was: R470 000 on 30 June 2022 and' R440 000 on 31 December 2022. - Workshop Limited uses the: Cost model to measure its property, plant and equipment and Fair value model to measure its investment properties. REQUIRED: Show journal entries relating to Workshop head office for the year ended 31 December 2022
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