RocknRoll Limited uses the cost model for its Property, Plant and Equipment

RocknRoll Limited uses the cost model for its Property, Plant and Equipment. The business
purchased machinery at the cost of R480 000 in 31 March 2016. Machinery has 8 year useful
life at nil residual value. An indicator review showed that the recoverable amount is R300
000 during the current year. These are the only two asset owned by the company.

A. Prepare the Property, Plant and Equipment Note for RocknRoll Limited for the year
ended 31 December 2018. (Ignore Comparatives and Accounting Policies). (35)
B. Provide an Extract of the Statement of Financial Position for RocknRoll Limited for the
year ended 31 December 2018, showing how Property, Plant and Equipment would be
disclosed.