Write journal entries and complete statements Year 1: Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE) Straigt-line method of depreciation. 10 years useful life. Scrap value is nil. Year 2: Jan 1, year 2, UEL revalues the NCA amount by applying revaluation model, FV of PPE is now $14235. Year 3: Jan 1, year 3, The FV of PPE is now 7,000. Book all the entries under the light of IAS 16 and reflect the movements of all accounts related. Statement of comprehensive incomeYEAR 1YEAR 2YEAR 3RevenueCost of salesGross profitOther incomeOther expensesProfit before taxIncome tax expenseProfit for the year Other comprehensive income:Items that will not be reclassified to profit or loss:Gains on property revaluationItems that may be reclassified subsequently to profit or loss:Exchange differences on translating foreign operationsOther comprehensive income for the yearTOTAL COMPREHENSIVE INCOME FOR THE YEAR.

1. Write journal entries and complete statements
Year 1:
Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE)
Straigt-line method of depreciation.
10 years useful life. Scrap value is nil.
Year 2:
Jan 1, year 2, UEL revalues the NCA amount by applying revaluation model, FV of PPE is now
$14235.
Year 3:
Jan 1, year 3, The FV of PPE is now 7,000.
Book all the entries under the light of IAS 16 and reflect the movements of all accounts related.
Statement of comprehensive incomeYEAR 1YEAR 2YEAR 3RevenueCost of salesGross
profitOther incomeOther expensesProfit before taxIncome tax expenseProfit for the year Other
comprehensive income:Items that will not be reclassified to profit or loss:Gains on property
revaluationItems that may be reclassified subsequently to profit or loss:Exchange differences on
translating foreign operationsOther comprehensive income for the yearTOTAL
COMPREHENSIVE INCOME FOR THE YEAR