Those questions carry a lot of marks so please make a sure correction and Detailed explanation, please Question 8 Bugema University imported a Toyota land cruiser at Cost, Insurance and freight (CIF) value $ 300 million on 1 January 2019. Due to delays in clearing the car at Mombasa, the company was fined an equivalent of $ 2 million. Transport cost from Mombasa, registration fees and taxes amounted to $ 10 million. The expected useful life of the car is 10 years. On 1st January 2020, due to the changes in the way the asset was used, the company decided that the total useful life to 8 years. During 2020, Bugema incurred 45 million in repairing and maintaining the car. In January 2021 Bugema university plans to Dispose of the Car to one of the employee at 210 million. Required Explain how the above transactions will be treated in the financial statements for the year ended 31. Dec. 2019 and 2020. (10 marks) Prepare the financial statements extracts for the year 2019 and 2020 to present the above information. (10 marks)

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