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PQR has a policy of carrying its plant at its fair value and it’s revalued on a yearly basis on the 31 December. The cost of the plant is $800,000 on 1 January 2016 and has a useful life of 10 years. The fair value of the plant on 31 December 2016 is $765,000.
Meanwhile for the year ended 31 December 2017, due to adverse economic condition the fair value of the plant has deteriorated to $600,000. The company do not transfer excess depreciation to the retained earnings.
Determine the amount of expenses recognised in Profit or loss for the year ended 31 December 2017.
So, what is your question? What would you like me to do? As far I can see all you have done is copy out a question from somewhere without telling me where you are struggling with it.
If you let me know where you are struggling then I’ll gladly help.