Dear tutor Plutune,

I have exam tomorrow and I got stuck at those question, can you please show me full of working out steps in the solution so that I can follow yours and understand how to do it please. Please answer them as soon as possible, I'm very appreciated for your help. Thanks

Regards

Kim

OMEN] nlleiNhng Ngm'jri x .Vuulube C 33 a '4:-acu.edu.au-::. El Frmsh attempt x @XEmphlmTrungQuc x mNngDuTrgngSInh- x 'ImpalrmentquGU-F x 'lmpalrmerliafCGU-F x + 3 _ E X Question 1 Not yet answered Marked out n\" CID '7 Flag question 29 O i 1:) Sun Ltd reported the following assets in its statement of nancial position at 30 June 2015: _: Plant $2,300,000 ij Accumulated depreciation (600,000) Land 550,000 Franchise license 300,000 Equipment 900,000 Accumulated depreciation (340,000) Inventory 220,000 Cash and cash equivalents 130 000 $3 510 000 The recoverable amount otlhe entity was calculated to be $2,900,000. The fair value less costs ofdisposal of the land was $338,000. The journal entry to record the impairment loss otthe cash generating unit at 30 June 2015 is as follows: Dr, Impairment loss expense XXX Cr. Accumulated depreciation Plant YYY Cr, Land AAA Cr. Accumulated amortisation License BBB Cr, Accumulated depreciation 7 Equipment CCC What is the amount of WY? (Answer includes the effect of secondtime impairment loss from Land) 0 Menu I Annuumemems and E. x I Unli:ACCT2D7 FlN ADC x i A((TZD? Mad: ExamE x i ACCTZO? Weelg Slide x ' Canstmrlmg stalemer x i ACCHU? Week 953p: x + v _ E X 33 '4:'aru.edu.au ;: \"3:" e ,'21" Li's-f :2'.:,_:3:'; II? .:-:='>:'2 '.iIT;Z'-,:C-' E:'::.3-;I--: 3'2? :3' 1-116 1' '.1'? 09 C) H E) ACCT207 Mock Exam S1 2017'.de On 1 July 2014. Lion Ltd leased a plastic-moulding machine from Tiger Ltd. The machine cost Tiger Ltd $30,000 to manufacture and had a fair value of $42,000 on 1 July 2014. The lease agreement contained the following provisions: Lease term 5 years Annual rentalbayment, in advance on 1 July each year $8,500 Residual value at end of the lease term $10,000 Residual guaranteed by lessee $12,000 Interest rate implicit in lease 10% The lease is cancellabte only with the permission of the lessor. The expected useful life of the machine is 6 years. Lion Ltd intends to retum the machine to the lessor at the end of the lease term. Included in the annual rental payment is an amount of $500 to cover the costs of maintenance and insurance paid for by the lessor. Required: Prepare: (1) the lease gament schedule for the lessee (show all workings); and (2) the [oumal entries in the accoumlng records of the lessee for year ended at 30 June 2017 and on 1' July 2017. OMEN 'Annuuncemenls x 'Revleruesliun x iACCTZDTWeekQ x 'Cunslmrtmgslal: x iACCT2D7Week9 x \"Solution+-+Tupi( x \"Facehuuk x + v _ C as a E: aiu.edu.au : .' 3.. : TE" .' ::":: 2 - I l' qualllca: Question 1 Review Question 16.15 N01 Vat answered On 30 June 2019, the end of the current reporting period, Cairns Ltd made a Marked out of 1.00 decision, using the information obtained over the past few years, to revise the useful life of an item of plant acquired 4 years earlier for $847,000. The useful life was revised from being a total of 9 years to being a total of 10 years. The plant was originally depreciated on the straight-line basis over its useful life and it was expected that the asset would have no residual value. No depreciation has been provided in the current period. v Flag question The remaining depreciation charged over the useful life of the asset is as follows: Depreciation expense xxx Accumulated depreciation - plant] xxx Enter the amount of xxx in the answer block below: Answer: OMEN 'Annuuncemenls x 'Revleruestiun x iACCTZDTWeekQ x 'Cunslrumngslate x iACCT2D7Week9 x \"Solution+-+Tupit x \"Facebuuk x + 3 C as a %: am.edu.au :.: 3.. : 3.7: " .' ::":: Question 1 Review Question 16.15 N01 Yet answered On 30 June 2019, the end of the current reporting period, Cairns Ltd made a decision, using the Marked out Of1_00 information obtained over the past few years, to revise the useful life of an item of plant acquired 4 years earlier for $789,000. The useful life was revised from being a total of 6 years to being a total of 14 years. The plant was originally depreciated on the straight-line basis over its useful life and it was expected that the asset would have no residual value. No depreciation has been provided in the current period. '7 Flag question The remaining depreciation charged over the useful life of the asset is as follows: Depreciation expense 35864 Accumulated depreciation - plant 35864 The supporting note titled 'change in accounting estimate' may be expressed as the following table form. Depreciation 2019 2018 Original 131500 131500 Change in accounting estimate & 35864 Enter the amount of xxx in the answer block below: 0 Menu 'Annuumemems x I Unll: ACCTQDFFII' X i ACCTZOT Mats x 'Cunslrudmg slats x iACCTmYWeekQ x \"Solutian+-+Tnpi( X Ii Facebuuk x + 7 E C 33 '4:'aru.edu.au ;: 21\"" s ,'21" Li's-f :1'.:,_:3:'; II? .:-:='>:'2 '.iIT;Z'-,:C-' E:'::.3-;I--: 3'2? :3' 1-116 1' '.1'? 00 Q) ACCT207 Mock Exam S1 2017.pdf Question 1 - A conceptual framework A newly established gas heating manufacturer has asked you for advice concerning the most appropriate accounting policy for senrice warranties. Unfortunately an early model heater has developed a fault which requires to be rectied. It is a small problem that is soon put right but it may impact on the otherwise successful launch of the company's product range. The company accountant has investigated how service warranties are accounted for in other entities in the industry and found that companies either: Establish a provision based on past experience or. expense warranty costs as they are incurred. The accountant is also concerned that the new company did not have any experience in warranty claims. These concerns related to the need for nancial statements to be reliable as well as relevant in order to be useful to users. The accountant proceeded to outline an accounting policy that appeared more suitable for a new appliance manufacturing company. The policy is stated as follows: As a new entrant into gas heating appliance manufacture, there is no appropriate warranty experience on which to base a provision for warranties. Accordingly, the costs of meeting claims arising under warranty service agreements are charged against revenue. as an expense, as they are incurred. Required Advice the company whether you consider the above policy covering senrice warranty costs is appropriate. In your response refer to any relevant accounting pronouncements (10 marks)