Question 1 (6 marks) Building A is acquired on 1 January 2014 for RM500,000.00. It was...

 

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Question 1 (6 marks) Building A is acquired on 1 January 2014 for RM500,000.00. It was depreciated using straight line method for 20 years. The first two years the company uses the cost model but adopt revaluation model afterwards. Revaluations were conducted every two years. Fair values at the date of revaluation were RM414,000.00 in 2016; RM416,000.00 in 2018 and RM380,000.00 in 2020. Required: Prepare journal entries to record revaluations. Show detailed calculations to support your answer. Question 2 (2 marks) Give one example when inventory on hand at the reporting date not measured at cost. Question 3 (2 marks) Give one example for cost under R&D that CAN be capitalized as an intangible asset and one example for cost under R&D that CANNOT he capitalized Question 4 (2 marks) Give one example for each of the following: i. From investment property to owner occupied property. From inventories to investment property. Question 1 (6 marks) Building A is acquired on 1 January 2014 for RM500,000.00. It was depreciated using straight line method for 20 years. The first two years the company uses the cost model but adopt revaluation model afterwards. Revaluations were conducted every two years. Fair values at the date of revaluation were RM414,000.00 in 2016; RM416,000.00 in 2018 and RM380,000.00 in 2020. Required: Prepare journal entries to record revaluations. Show detailed calculations to support your answer. Question 2 (2 marks) Give one example when inventory on hand at the reporting date not measured at cost. Question 3 (2 marks) Give one example for cost under R&D that CAN be capitalized as an intangible asset and one example for cost under R&D that CANNOT he capitalized Question 4 (2 marks) Give one example for each of the following: i. From investment property to owner occupied property. From inventories to investment property.

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Question 1 Cost of Building A RM 500000 Useful life 20 Years Depreciation per annum using straight line method RM 50000020years RM 25000 per annum iGr... View the full answer