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Villa Bhd acquired a sport equipment for RM500,000 on 1 January 2013 and recognized under MFRS116

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Villa Bhd acquired a sport equipment for RM500,000 on 1 January 2013 and recognized under MFRS116. The life span of the asset is expected to be 10 years. The fair value of the asset on 1 January 2015 was determined at RM380,000. Required: a) Prepare the journal entries on the revaluation of the asset on 1 January 2015. (3 marks) ACIASSIGNMENT 1/FAR320 b) The asset was disposed for RM450,000 on 31 December 2015. Determine the amount of gain or loss from disposal of the asset as at that date.