FAR320: WNO Food Bhd purchased 2 industrial buildings in the Pending area on 1 January 2015 Building A is used as a place to process food: Financial Accounting Assignment, UiTM, Malaysia

University Universiti Teknologi MARA (UiTM)
Subject FAR320: Financial Accounting

WNO Food Bhd purchased 2 industrial buildings in the Pending area on 1 January 2015. Building A is used as a place to process food which is a product of the company while Building B is vacant and rented out to X1 Techno Sdn Bhd.

Each building costs RM485,200 and the total legal fees for both buildings amounting RM25,000. The company paid cash for the costs and legal fees on 1 January 2015.

The estimated useful life of the buildings was 25 years. Each building was revalued on 1 January 2020: the fair value of building A was RM505,000 and building B was RM510,000. WNO Food Bhd adopted a revaluation model for property, plant, and equipment and a fair value model for its investment property.

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