Question textPlatinum Ltd has premises at 1 July 2022 with a cost of $6,400,000 and accumulated depreciation of $300,000 Platinum Ltd uses fair value model and the straight-line method of depreciation for premises. At the time the residual is estimated at $4,000,000 and remaining useful life is estimated at 16 years Platinum Ltd is preparing its end of year financial statements at 30 June 2023. At 30 June 2023 the fair value of the Premises was $5,200,000 Required Show the impact of the information in relation to the Premises for the year ended June 30, 2023. Show the workings. Show the effects. Show the Report Extracts\. Justify your answers according to AASB 116. Do not include "$" or "," or "decimal places" in your amounts Use 2 decimal places ONLY WHEN REQUIRED The fair value rule for non-current assets is as follows According to the accounting standard Answer 1 Question 4[select: , Inventory to be valued at the lower of cost and net realizable value, For Property plant and equipment if the Carrying amount differs materially from the fair value a revaluation is required, For Property plant and equipment if the recoverable amount is less than the carrying amount an impairment loss is required] Show the effect on the accounts of any Depreciation for the year ended 30 June 2023 [table] Increase/Decrease | Account Details | Amount | Amount | | $ | $ Answer 2 Question 4 IncreaseDecrease | Answer 3 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount | Answer 4 Question 4 | Answer 5 Question 4 IncreaseDecrease | Answer 6 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount | | Answer 7 Question 4 | | | [/table]Workings [table] Answer 8 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount | Answer 9 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount | Answer 10 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount | Answer 11 Question 4 CostLess residualDivided by Useful lifeDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amount Answer 12 Question 4 | Answer 13 Question 4 | Answer 14 Question 4 | Answer 15 Question 4 [/table] Platinum Ltd Workings [table] Non-Current Asset | Amount Answer 16 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 17 Question 4 Answer 18 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 19 Question 4 Answer 20 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 21 Question 4 Answer 22 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 23 Question 4 Answer 24 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 25 Question 4 [/table] Platinum Ltd Material. Ensure your answer is to 2 decimal places [table] Answer 26 Question 4 Carrying amountFair valueDifferenceFair value less cost to sell% Difference | Answer 27 Question 4 Carrying amountFair valueDifferenceFair value less cost to sell% Difference | Answer 28 Question 4 Carrying amountFair valueDifferenceFair value less cost to sell% Difference Answer 29 Question 4 | Answer 30 Question 4 | Answer 31 Question 4 [/table] Conclusion Influences user economic decisions Answer 32 Question 4[select: , No, it is immaterial, so will not impact user decisions making, Yes, it is material, so will impact user decisions making] The accounting standard requires Answer 33 Question 4[select: , the increase to be recognised in equity as revaluation surplus, the decrease to be recognised in profit and loss as an expense] Platinum Ltd Show the effect on the accounts of any write back [table] Increase/decrease | Account Details | Amount | Amount Answer 34 Question 4 IncreaseDecrease | Answer 35 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 36 Question 4 | Answer 37 Question 4 IncreaseDecrease | Answer 38 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | | Answer 39 Question 4 | | | [/table] Platinum LtdShow the effect on the accounts of any revaluation [table] Increase/Decrease | Account Details | Amount | Amount Answer 40 Question 4 IncreaseDecrease | Answer 41 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 42 Question 4 | Answer 43 Question 4 IncreaseDecrease | Answer 44 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | | Answer 45 Question 4 | | | | | | [/table] Impact on the Reports Income Statement for the year ended 30 June 2023 [table] Expenses | Amount Answer 46 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 47 Question 4 Answer 48 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 49 Question 4 [/table] Impact on the Reports Balance Sheet as at 30 June 2023. Enter an amount of zero if required [table] Non-Current Asset | Amount Answer 50 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 51 Question 4 Answer 52 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 53 Question 4 Answer 54 Question 4 CostDepreciationBargeBuildingsPremisesMotor VehiclesEquipmentMachineryAccumulated depreciationCarrying amountFair valueDifferenceRecoverable amountFair value less cost to sellValue in useRevaluation expenseRevaluation incomeRevaluation surplusImpairment lossAccumulated impairment loss | Answer 55 Question 4 | [/table]Please answer all parts of the question.Check Question 4