On 1 January 2014, Guru Bd acquired a plant costing RM10 million, The economic life...
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Accounting
On 1 January 2014, Guru Bd acquired a plant costing RM10 million, The economic life was estimated to be 10 years with no scrap value at the end of its useful life. On 1 January 2018, the remaining life was estimated to be 2 years while the scrap value was estimated to be RM800,000.
Required: Identify the type of areas under MFRS 108 Accounting Policies, changes in Accounting Estimates and Errors. (2 marks)
Discuss the accounting treatment for the above transaction. (8 marks)
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