Land Acquisition date 1 Jan 2016 Cost Price (RM) 500,000 Residual Value (RM) 10 Useful Life indefinite Basis of Measurement Revaluation model Depreciation method Not applicable 31 December 2020 fair value of the land is RM480,000. It was revalued to RM530,000 last year. Annual revaluation is necessary. Balance in the revaluation reserve account on 1 January 2020 was RM40,000 (credit). Accounting year end 31 December every year Determine the value of the land that should appear in the Statement of Financial Position as at 31 December 2020 Select one: O a. RM490,000 O b. RM570,000 OC RM530,000 O d. RM480,000 Oppos enters into a contract with a customer on 1 January 2020 to sell Oppos A93 for RM1,000 per unit. If the customer purchases more than 1,000 units of Oppos A93 in a calendar year, the contract specifies that the price per unit is retrospectively reduced to RM900 per unit. Consequently, the consideration in the contract is variable. For the first quarter of the calendar year (i.e. to 31 March 2020), Oppos sells 75 units of Oppos A93 to the customer. Oppos estimates that the customer's purchases will not exceed the 1,000-unit threshold required for the volume discount in the calendar year and consequently concludes that it is highly probable that a significant reversal in the cumulative amount of revenue recognised (i.e. RM1,000/unit ) will not occur when the uncertainty is resolved (ie. when the total amount of purchases for the calendar year is known). As a result of these considerations, Oppos recognises revenue of RM75,000 (75 units * RM1000/unit) for the quarter ended 31 March 2020. In May 2020 the customer acquires another company and in the second quarter of the calendar year (i.e. the quarter ended 30 June 2020) Oppos sells an additional 500 units of Oppos A93 to the customer. In the light of this new fact, Oppos estimates that the customer's purchases will exceed the 1,000-unit threshold for the calendar year and that it will therefore be required to retrospectively reduce the price to RM900/unit. Determine the amount of revenue should be recognised by Oppos for the quarter ended 30 June 2020. Select one: O a RM425,000 O b. RM450,000 Oc RM500,000 O d. RM442,500