Prep 23 Identify whether the bolded statement is TRUE or FALSE. If the statement is FALSE, you will need to provide an explanation of WHY the statement is FALSE. Your explanation will need to show your understanding of the issue at hand. 1.1 On 31 March the business received a laptop valued at R25 000 from the owner. According to the definition of "income" in the conceptual framework, the business will recognize income on 31 March 1.2 On the revaluation model, an asset is always reported on the statement of financial position at the fair value less costs to sell. 1.3 Business D has a year-end of 30 Ap 1 2020. Business D uses the cost model to measure machineryl On 30 April 2020, the following information was available for a machine that had been damaged in an accident during the year: Carrying amount: R160 000 Value in use: R125 000 Fair value less costs to sell: R136 000 The machinery will be reported on the statement of financial position at 30 April 2020 at an amount of R136 000