Question: help pls 3 question ( 30 marks). The summarised statement of financial position of Arbalest at 30 September 2021 was as. follows: During the year
3 question ( 30 marks). The summarised statement of financial position of Arbalest at 30 September 2021 was as. follows: During the year ended 30 September 2022 the company had the following transactions: (1) 1 December 2021: Sale for $70,000 of a plant and equipment which had cost $1,000,000 and a carrying amount of $200,000. (2) 1 June 2022: Purchased a new factory block for $3,000,000 (including land $600,000 ). (3) 1 July 2022: Purchased plant and equipment for $1,600,000. (4) 30 September 2022: The company decided to revalue the land held at 30 September 2021 from $2,000,000 to $2,500,000. (5) The company depreciation policies are: Land no depreciation Buildings 2% per annum on cost, straight-line basis Plant and equipment 10% per annum on cost, straight-line basis Proportionate depreciation is allowed for in the year of purchase of an asset, with none in the year of disposal. (6) Profit for the year was $370,000
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