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Peartree The following information is relevant: (i) On 1 April 2013 new plant costing $180 million was acquired. This cost a further $20 million to install. On that same date old plant which had originally cost $40 million with a net book value of $10 million was scrapped. Plant is depreciated at 20% per annum on cost with time apportionment in years of sale or purchase. None of the existing plant is more than four years old. (ii) On 1 July 2012 it was decided to revalue the land and building to market value which was $150 million for the land and $450 million for the building. At that date the building had a remaining estimated useful life of 30 years. (iii) The transport licence had been purchased on 30 June 2010 and had a 10 year useful life. It is being amortised on the straight line basis. During 2013 the transport operations were reviewed and the figures were not as good as had been expected. As a result of this the directors have estimated that the recoverable amount of the licence is $200 million at 30 June 2013. Required Prepare extracts from the statement of financial position for Peartree's non-current assets as at 30 June 2013 (including comparative figures) together with any disclosures required (other than those for accounting policies) under current International Financial Reporting Standards. (Total: 10 marks) |