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Prepare the extract of statement of profit or loss

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Question - On 1 April 2015, Expert Bhd acquired a patent for RM500,000. The expected useful life is estimated to be 5 years. The company adopts the revaluation model in the subsequent measurement of its intangible assets. On 31 March 2018, the fair value of the patent was RM300,000.

a. Prepare the journal entries to record the transactions for the year ended 31 March 2016.

b. Prepare the extract of statement of profit or loss and statement of financial position as at 31 March 2018. Show all workings.

Reference no: EM133050787

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