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        Calculate the amount at which the initial cost of the plant should be measured. (Ignore discounting).
　　Solution:
　　The initial measurement of the cost at which the plant would be capitalized is calculated as follows:
　　Basic list price of plant 　　　　　　　　　　　　　240000
　　Less trade discount (240000 x 12.5%)　　　　　　　　(30000)
　　210000
　　Shipping and handling costs　　　　 　　　　　　　　 2750
　　Estimated pre-production testing　　 　　　　　　　　12500
　　Site preparation costs
　　Electrical cable installation ($14000 - $6000)　　　8000
　　Concrete reinforcement　　　　　　　　　　　　　　　4500
　　Own labor costs　　　　　　　　　　　　 　7500　　20000
　　Dismantling and restoration costs
　　($15000 + $3000)　　　　　　　　　　　　　　 18000
　　Initial cost of plant　　　　　　　　　　 　　　　　263250
　　Question 3
　　On 1 October 2001 Dawes purchased a 25-year lease on a new industrial storage building for $4 million. Prior to the current year this property was being amortized over its life. The directors are questioning the necessity for this as a 20-year lease on an almost identical building was sold on 1 October 2006 by the builders for $6 million. With effect from the same date (1 October 2006) the directors wish to value the lease at $6 million and cease depreciating it.
　　N.B.
　　The regulatory requirements applicable to Dawes permit r*uation of non-current assets in accordance wit the r*uation model in IAS16 Property, Plant and Equipment.
　　Required:
　　Critically comment on the Directors’ views in relation to r*uation and depreciation of the leased property, and show the income statement and balance sheet extracts for the year ended 30 September 2007 assuming:
　　(a)there is no r*uation of the property;
　　(b)the property is r*ued to $6 million at 1 October 2006
　　Solution:
　　Comment omitted
　　Balance sheet extract　　Historical cost　　R*uation
　　Non-current assets – PPE　　　　$000　　　　　　　$000
　　Cost　　　　　　　　　　　　 　　4000　　　　　　　6000
　　Accumulated dep’n　　　　　 　　(960)　　　 　 　(300)
　　NBV　　　　　　　　　　　　　　　3040　　　　　　　5700
　　Reserves:
　　R*uation reserve　　　　　　　Nil 　　　　　　　2660
　　Income statement extract