Described below are several transactions and events for Chisholm Insurance Ltd for the year ended 30 June 2016.

1. The company issued a 1-year insurance policy to Boronia Ltd on 1 March 2016, costing $8000, received in advance.

2. The company leased premises to Red Hill Ltd for a period of 3 years, beginning on 1 January 2016. Red Hill Ltd paid $35000 on this date, and is required to pay further instalments of $35000 in 2017 and 2018.

3. The company has been a generous sponsor of the Clean-Up Australia Campaign in past years. In recognition of its support, an anonymous donor sent the company a cheque for $20000, with a letter stating, ‘keep up the good work!’

4. On 30 January 2016, the company sold a non-current asset to another organisation for $20000. The asset originally cost Chisholm Insurance Ltd $50000 and had been depreciated to a carrying amount of $15000.

Required

For each transaction or event, determine the appropriate amount to be recognised as income in the current year. Ignore GST.