On 1 January 2013, Panama purchased an item of property, plant and equipment for K12...
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Accounting
On 1 January 2013, Panama purchased an item of property, plant and equipment for K12 million. Panama uses the revaluation model to value its non-current assets. The asset has zero residual value and is being depreciated over its estimated useful life of 10 years. At 31 December 2014, the asset was revalued to K14 million but at 31 December 2015, the value of the asset had fallen to K8 million. Panama has not taken the effect of the revaluation at 31 December 2015 in its financial statements. Calculate the amounts to shown in the financial statements of Panama for the year-ended 31 December 2015.
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