Business, 16.08.2021 19:20, Kstearns694

Eka Bhd. (Eka) owns two properties and is applying the cost model of IAS 16 / MFRS 116 Property, Plant and Equipment for its owner-occupied property and the fair value model of IAS

40 / MFRS 140 Investment Property for its investment property.

The details of Eka’s properties are as follows:

Property A

Property A was acquired on 1 February 2010 at the cost of RM1,000,000 (RM600,000 for the

land and RM400,000 for the building). The building has an estimated useful life of 50 years.

Eka uses it for its head office.

Property B

Property B was acquired on 1 March 2020 at the cost of RM3,000,000 and held for its

investment potential. However, due to the specialised nature of this property, the fair value of

the property cannot be obtained. The property has an estimated useful life of 60 years.

Eka uses the straight-line depreciation method on a time-apportionment basis.

Required:

In accordance with the relev

Answers: 3

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Eka Bhd. (Eka) owns two properties and is applying the cost model of IAS 16 / MFRS 116 Property, Pl...