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Question 11 35 marks On I February 2015, Eaton plc purchased a freehold property. It paid $248,000 up front to the vendor in cash and it took a 5 year loan of $372,000 with a 5% annual interest rate to finance the purchase. The property has a useful life of 60 years. At 30 June 2018, the company's year end, after taking into account the depreciation charge for the year, the property was revalued at $700,000. The property was estimated to have a remaining useful life of 56 years as of that date. In August 2019, the property was sold for $750,000. The following is an excerpt from the company's significant accounting policies on Plant, property and equipment: "Depreciation of property, plant and equipment is calculated using the straight line method. Company policy is to charge a full year's depreciation in the year of purchase and none in the year of sale. Company policy is to eliminate accumulated depreciation on revaluations. In addition, it is company policy to transfer revaluation gain from the revaluation reserve to retained earnings once the asset is sold" Required: a. Record the revaluation of the property as at 30 June 2018. (9 marks) b. Record the depreciation charge and movements on reserves for the year ended 30 June 2019. (9 marks) c. Record the accounting entries to incorporate the sale of the property in August 2019. (9 marks) d. The revised version of IAS 23 Borrowing Costs requires that borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset must be capitalized. Discuss the arguments for and against the capitalization of such borrowing costs and explain the rationale behind the revisions to IAS 23. (8 marks)