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QUESTION $3$IAS $16$ Property Plant and Equipment sets out the accounting requirements for initial recognitionand measurement, subsequent measurement and derecognition of items of property, plant andequipment. IAS $16$ expands on and applies the definition of an asset in the Conceptual Framework,as well as the recognition criteria set out in that document.The following is the extracts from the Trial balance of Justice Company Ltd as at $31$stDecember, $2023$DR CRE EMotor vehicles $($at cost$)\text{ }870,000$Accumulated depreciation $1/1/2023\text{ }-$Motor vehicles $270,000$Equipment $500,000$Accumulated depreciation $1/1/2023\text{ }-$ Equipment $150,000$Property $($Land E $100,000)\text{ }550,000$Accumulated depreciation $1/1/2023\text{ }-$ building $135,000$Ordinary share capital $($issued at E$2\mathrm{.}00)\text{ }600,000$Capital surplus $(1/1/2023)\text{ }120,000$Income surplus $(1/1/2023)\text{ }480,000$Net profit after tax $($for the year $2023)\text{ }350,000$The following additional information is relevant:a$)$ The property was revalued to E $700,000$ which the new value for land is E$140,\text{ }000.$ The originallife of the building was $50$ years and has not changed. The revaluation was done at the end of theyear.b$)$ Additional equipment costing E$150,\text{ }000$ and motor vehicle costing E$450,\text{ }000$ were acquiredduring the year.c$)$ Motor vehicles which cost the firm E $250,000$ on $1$st October $2020$ was sold for E$170,\text{ }000.$d$)$ The company charges depreciation at the rate of $20\%$ on cost on the motor vehicles andequipment is depreciated at $25\%$ on reducing balance. Full year depreciation is charged in the yearof purchased and nil in the year of disposal.e$)$The company made a bonus issue of $1$ share for every $3$ shares held at E $2\mathrm{.}00$ on $1$st June $2023$and a right issue of $1$ share for every $5$ shares held as at $31$st December, $2023$ for E $3\mathrm{.}50$ per share.f$)$ Treasure shares of $40,000$ shares were issued for E $4\mathrm{.}00$ per shares and a dividend of E$110,\text{ }000$was paid for the year.In accordance with IAS $16$ Property Plant and Equipment, you are required to:i$)$ Prepare the Non$-$Current Assets Schedule $(15$ Marks$)$ii$)$ Prepare a Statement of Changes in Equity $(15$ Marks$)\text{ }[$Total: $30$ Marks$]$

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