Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per share. On 1 January 2020, the company made a call of $0.25 per share payable by 26 February 2020. At this date, all shareholders had paid the call except the holder of 8,000 shares. Which of the following is the correct entry for 26 February? O A. Cash 40,000 Call 40,000 . Cash 43,000 Call 43,000 OC. Cash 41,000 Call 41,000 Call 40,000 . Cash 43,000 Call 43,000 Oc. Cash 41,000 Call 41,000 OD Cash 40,500 Call 40,500 2 it Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per share. On 1 January 2020, the company made a call of $0.25 per share payable by 26 February 2020. At this date, all shareholders had paid the call except the holder of 8,000 shares. On 15 March, Coca Cola Amatil decided to forfeit the shares on which the call was unpaid. The company's constitution provided for any surplus on resale, after satisfaction of unpaid calls and costs, to be returned to the shareholder whose shares were forfeited. On 28 March 2020, the 8,000 shares were reissued for $1.90 per share, the shares being credited as paid to $2.00 per share. Costs of reissue amounted to $2,800. What is the correct amount for the refund balance from the forfeited shares liability? O A. 10, 400 O B. 15, 200 O c. 2, 800 OD. 16,000 3 ut On 1 January 2015, Russi Ltd constructed an electricity plant. The cost of the building and associated technology was $1,000,000. The license to operate and architects' fees amounted to $500,000. The dismantling cost was expected to be $800,000 at the end of plant's 10-year use life. The discount rate was 10%. The residual value is expected to be $8,435. The plant is expected to generate benefits evenly throughout the years. At the end of 2018, it sells the plant for $1,000,000 cash. What is the initial cost of the plant? O A. None of the above O B. $1,308, 434 OC. $1,808, 434 OD. $2,300,000 4 Which of the following statements about the going concern assumption is not true? ut O A. it can justify the use of historical costs when measuring non-current assets. O B. it supports the use of assets such as Prepaid Expenses. O c. it supports the systematic allocation of depreciation over an asset's useful life O D. it is used when an entity goes into liquidation. 5 it Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per share. On 1 January 2020, the company made a call of $0.25 per share payable by 26 February 2020. At this date, all shareholders had paid the call except the holder of 8,000 shares. On 15 March, Coca Cola Amatil decided to forfeit the shares on which the call was unpaid. The company's constitution provided for any surplus on resale, after satisfaction of unpaid calls and costs, to be returned to the shareholder whose shares were forfeited. On 28 March 2020, the 8,000 shares were reissued for $1.90 per share, the shares being credited as paid to $2.00 per share. Costs of reissue amounted to $2,800. How much should we credit call and forfeited shares liabilities by? O A. 2,000 and 16, 000, respectively OB. 14,000 and 2, 000, respectively O C. 16,000 and 2, 000, respectively OD. 2,000 and 14, 000, respectively 6 At 1 July 2018, Rup Ltd acquired the following non-current assets: ut $100 000 Equipment Vehicles $80 000 They are in different classes of non-current assets and are to be measured at fair value. The expected useful lives of vehicles and equipment are 5 years and 10 years, respectively. At 30 June 2019, the fair values of both assets were assessed. The equipment had a fair value of $82 000, and the vehicles, $70 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles. As a result of this, Equipment recorded a loss on revaluation of $8000 and vehicle recorded a revaluation increment of $6000. At 30 June 2020, the fair value of equipment was assessed to be $81 750 and the fair value of vehicles was $55 000. Chandra is preparing the journal entries for 30 June 2020. What is the correct value for the missing figure from then entries below? Revaluation surplus Vehicle At 30 June 2019, the fair values of both assets were assessed. The equipment had a fair value of $82 000, and the vehicles, $70 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles. As a result of this, Equipment recorded a loss on revaluation of $8000 and vehicle recorded a revaluation increment of $6000. At 30 June 2020, the fair value of equipment was assessed to be $81 750 and the fair value of vehicles was $55 000. Chandra is preparing the journal entries for 30 June 2020. What is the correct value for the missing figure from then entries below? Revaluation surplus Vehicle O A. $4,000 OB. $5,000 O C. $6,000 OD. $8,000 7 ut Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per share. On 1 January 2020, the company made a call of $0.25 per share payable by 26 February 2020. At this date, all shareholders had paid the call except the holder of 8,000 shares. On 15 March, Coca Cola Amatil decided to forfeit the shares on which the call was unpaid. The company's constitution provided for any surplus on resale, after satisfaction of unpaid calls and costs, to be returned to the shareholder whose shares were forfeited. On 28 March 2020, the 8,000 shares were reissued for $1.90 per share, the shares being credited as paid to $2.00 per share. Costs of reissue amounted to $2,800. Which of the following is a correct entry? O A. Cr Cash 15,200 and Cr Forfeited shares liability 800 O B. Dr Cash 15,200 and Cr Forfeited shares liability 800 O c. Cr Cash 15,200 and Dr Share capital 800 OD. Dr Cash 15,200 and Dr Forfeited shares liability 800