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v Grange anticipates that it will be fi ned $1 million by the local regulator for environmental pollution. It also anticipates that it will have to pay compensation to local residents of $6 million although this is only the best estimate of that liability . In addition, the regulator has requested that certain changes be made to the manufacturing process in order to make the process more environmentally friendly. This is anticipated to cost the company $4 million. v Jocatt had exchanged surplus land with a carrying value of $10 million for cash of $15 million and plant valued v at $4 million. The transaction has commercial substance. Depreciation for the period for property, plant and equipment was $27 million.