15. Evaluate the following items which has correctly been included in Granite's revenue for theyear? O a $2 million in relation to a fee negotiated for an advertising contract for Rees, one of Granite's clients. Granite acted as an agent during the deal and is entitled to 10% commission O b. $500,000 relating to a sale of specialised equipment on 31 December 20X1. The full sales value was $700,000 but $200,000 relates to servicing that Granite will provide over the next 2 years, so Granite has not included that in revenue this year. OC $800,000 relating to a sale of some surplus land owned by Granite, Od $1 million in relation to a sale to a new customer on 31 December 20X1. Control passed to the customer on 31 December 20X1 The $1 million is payable on 31 December 20X3. Interest rates are 10% 13. Melody entered into a contract to construct an asset for a customer on 1 January 2020 which is expected to last 24 months. The agreed price for the contract is $5 million. At 30 September 2020, the costs incurred on the contract were $1.6 million and the estimated remaining costs to complete were $2.4 million. On 20 September 2020, Melody received a payment from the customer of $1.8 million which was equal to the full amount billed. Melody calculates the progress on the basis of amount billed compared to the contract price. What amount would be reported in Melody's statement of financial position as at 30 September 2020? O a $200,000 b. Nil OC $800,000 Od $160,000 on 11. On 30 September 2020 the impairment review was carried out. The following amounts were established in respect of the machine: Carrying amount $850,000, Value in use $760,000, Fair value $850,000 and costs of disposal $30,000. What should be the carrying amount of the machine following the impairment review? a $850,000 b: $790,000 OC $760,000 Od $820,000 21. Which of the following are TRUE about deferred tax? Deferred tax is the estimated future tax consequences of transactions and events recognised in the financial statements of the current and previous periods. (b) A temporary difference arises when an expense is allowed for both tax and accounting purposes, but within different accounting periods. (ii) Permanent differences are one-off differences between accounting and taxable profits caused by certain items not being taxable/allowable differences which only impact on the tax computation of one period (iv) Deferred tax is calculated using the liability method, in which deferred tax is calculated by reference to the tax base of an asset or liability compared to its carrying amount. O a O. (). Chil) and (iv) O b. ) and (ii) only Oc() and (16) only O d. (i), (iii) and (iv) only