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PLANT Ltd acquired a property on 1 January 2018 for its investment potential at a...

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Accounting

PLANT Ltd acquired a property on 1 January 2018 for its investment potential at a cost of GHS200,000. On acquisition, the property was estimated to have useful life of 40 years. PLANT adopted a policy of fair valuation for subsequent measurement. The fair value of the asset at 31 December 2019 was GHS 202,800. Effective 1 January 2019, management of PLANT decided to use the property as business premise. The original estimated useful life remained unchanged.

Required: Account for the treatment of this property in the 2008 and 2009 financial statements of PLANT Ltd

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