QUESTION 3 At 31 March 2018, Dextor Ltd provided you with information regarding two of their property, plant and equipment (PPE) items: PPE item A 1/4/2014 $86 000 10 years Straight line Nil PPE item B' 1/4/2014 $46 700 10 years Straight line Nil Date of purchase Cash purchase cost Estimated economic life Depreciation method Residual value As at 31 March 2016 PPE item Accumulated depreciation Carrying amount Values at 31 March 2018 Sx-at revaln S30 000- at revaln Sx $30 000 Fair value (FV) Value in use (VIU) Fair value less costs to sell $45 000 $45 500 $43 000 $26 000 $26 500 $25 500 Note: If applicable, in the journal entries below for both 'A' and 'B', provide d the revaluation gain/loss will be shown in the Comprehensive Income Statement and which equity account the gainloss will be closed off to i.e. P or L/REs or OCI/ARS Required in relation to PPE item 'A": (i) At 31 March 2016, Dextor Ltd changed to the revaluation model for this item, anda revaluation gain of S11 200 was recognised. Prepare the journal entries at 31 March 2016 to record the first revaluation for PPE item 'A' Show all your workings within the journal entries (ii) At 31 March 2018 the PPE item 'A, was to be revalued to its FV of $45 000. Prepare the necessary journal entries at 31 March 2018 to record the second revaluation. Show all your workings within the journal entries. QUESTION 3 PPE Item A' (i) Journal entries in relation to PPE Item A 31/3/2016 (ii) | Journal entries in relation to PPE ItemA 31/3/2018 Question 3 PPE Item 'A' continued: (iii) Financial Statements for Dextor Ltd in relation to PPE Item A Statement of Comprehensive Income for the year ended 31/3/201531/3/2016 31/32017 31/3/2018 Profit or Loss: Income items Other Comprehensive Income: Income items Expense items: Statement of Financial Performance as at 31/3/2015 31/3/201631/3/2017 31/3/2018 Non-current assets: Equity: REs (net effect for the year) Statement of Cash Flows for the year ended 31/3/2015 31/3/2016 31/3/2017 31/3/2018 CFOA CFIA Question 3 PPE Item B' continued: ii) Financial Statements for Dextor Ltd in relation to PPE Item B Statement of Comprehensive Income for the year ended 31/3/2015 31/3/2016 31/3/2017 31/3/2018 Profit or Loss: Income items Expense items Other Comprehensive Income: Income items Expense items Statement of Financial Position as at 31/3/2015 31/3/2016 31/3/2017 31/3/2018 Non-current assets: Equity: REs (net effect for the year) Statement of Cash Flows for the year ended 31/3/2015 31/3/2016 31/3/2017 31/3/2018 CFOA CFIA