Jovane, which applies the cost model, replaces the lift of an investment property. The new lift costs 450,000 and meets the recognition criteria. The old lift was carried at 120,000 (case data) and has no disposal value. Calculate the loss to recognise on the replaced part and the net change in the carrying amount of the property.
- Cost of the new lift
- 450,000
- Carrying amount of the old lift
- 120,000