The following information is taken from the accounts of Property Ltd:

Additional information:

a. During the year, a building with a value of $700 000 was acquired by the issue of a long-term note. The amount has been included in borrowings.

b. Ignore the effect of upward revaluation of buildings on the accumulated depreciation of buildings.

Required:
1. What was the amount of borrowings repaid during the year?
2. What was the depreciation expense for buildings during the year ended 30 June 2016?
3. What was the gain or loss on the disposal of buildings?
4. What was the value of buildings acquired using cash during the year?

Transcribed Image Text:

Buildings, 1 July 2015 Buildings, 30 June 2016 Accumulated depreciation - buildings, 1 July 2015 Accumulated depreciation - buildings, 30 June 2016 Asset revaluation reserve, 1 July 2015 Asset revaluation reserve, 30 June 2016 Borrowings, 1 July 2015 Borrowings, 30 June 2016 Building sold during the year: Cost price Accumulated depreciation Proceeds Upwards revaluation of buildings $000 2000 3700 500 450 2600 3000 2800 2700 900 250 70 400