Additional Problem 20 a) The accountant of Houli Pty Ltd is confused. She is not sure of how to treat the firm's two brand names. Brand name A was purchased from a competitor. Brand name B was internally generated. The accountant needs guidance on how to account for the two brand names in accordance with relevant AASB Accounting Standards Required: (i) Explain to the accountant how they should initially treat each brand name. (i) Explain to the accountant how they should treat each brand name in subsequent years. Additional Problem 21 On the 1 July 2010, Saints Ltd purchased some manufacturing equipment at a cost of $1,000,000 cash. They immediately spent an additional $100,000 installing the equipment before they could use it. The equipment had a useful life of 10 years and an estimated residual value of $100,000. The company uses the straight line depreciation method. On the 1 July 2011, the equipment broke down and the company spent $120,000 returning it to working order. The company decided on 1 July 2012 to modify the equipment to enable it to produce at 5 times the previous volume of output. The modifications cost $400,000 cash and did not change the useful life of the equipment. Required: Prepare all appropriate journal entries for the financial years ending June 2011 2012 and 2013. Justify your answers and show all calculations and assumptions