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| Dawes The following problems and issues have arisen during the preparation of the draft financial statements of Dawes, a public listed company, for the year to 30 September 20X7: The following schedule of the movement of plant has been drafted:   (ii) The disposal figure of $5 million is the proceeds from the sale of an item of plant during the year which had cost $15 million on 1 October 20X3 and had been correctly depreciated prior to disposal. Dawes charges depreciation of 20% per annum on the cost of plant held at the year end. (iii) The recoverable sales tax paid on acquisition of assets is recoverable from the taxing authorities. (iv) The company policy for government grants is to treat them as deferred income in the statement of financial position.Required Prepare the disclosure note of movements in net book value of plant and equipment as required by IAS 16 Property, Plant and Equipment. Explain your treatment of the additions to plant. |