Nala Limited operates a microbrewery and has been in existence for several years. Nala has a December 31st year end and follows IFRS. You are to record journal entries for Nala Limited (Nala) for transactions that follow in the grid below. (There are 5 transactions) Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. Round amounts in entries to the nearest dollar. Prepare the journal entry to record the transaction on September 30th and the adjusting entry required at the December 31, 2021 year end. Show any calculations. (5 marks) Date Debit account Credit account Debit $ Credit $ b. Nala Limited had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), El (1.66%), and income tax withholdings of $ 11,880. Union dues of $ 1,125 and Health insurance premiums of $ 2,850 were also withheld. Required: Prepare the journal entries to record the employee wages/salaries and payroll deductions as well as the journal entries to record the employer payroll contributions. 5 marks Date Debit account Credit account Debit $ Credit $ c. One of the owners of Nala Limited discovered a new berry in the marshes and the company has decided to use the berry in a new beer they hope to reach market next year. The land where the berries are located is owned by the Government of Newfoundland and Labrador. On January 1, 2021, Nala Limited purchased the rights to use a parcel of land from the province of Newfoundland and Labrador. The rights cost $ 10,000,000 and allowed the company to use the berries on the land for seven years, i.e., until Dec 31, 2027. Nala expects that the crop of berries will be realized evenly over the contract period. When the contract is completed, Nala Limited is required to clean up the land and restore it to the original condition. It is estimated that this will cost $1,500,000. Nala uses a discounted cash flow method to calculate the fair value of this obligation and believes that 6% is the appropriate discount rate. Nala uses straight-line depreciation method. Required: Prepare the journal entry at January 1, 2021 and any adjusting entries required at year end. (15 marks) Date Debit account Credit account Debit $ Credit $ d. Nala Limited sells beer directly to customers, bars, and restaurants. They and is close to the cost of the bottles. In addition, since the bottle returns must be made at the brewery location, Nala is using this relatively high deposit amount as a marketing strategy because it provides an incentive for customers to return to the brewery to have their bottles refilled. Based on past experience, Nala estimates that 60% of the bottles do not get returned for refund. Nala makes an adjustment at the end of the fiscal year for unreturned deposits to the account Container Sales Revenue. Nala uses the periodic inventory system. uses one-litre blue glass refillable bottles featuring a swing-top ceramic lid. The bottles cost Nala $4.90 each. Nala charges customers a refundable deposit of $5 for each bottle at the point of sale of their beer and records amounts received to the account Returnable Deposits. The $5 deposit amount is standard for this specialized segment of the micro beer industry Required: 1. Prepare a summary journal entry for the cash sale of 1,000 bottles of beer with a selling price of $8, plus bottle deposit recorded to Refund Liability. 2. Prepare the year-end adjusting entry for unreturned bottles using the information provided and your entry in part (a). (10 marks) Date Debit account Credit account Debit $ Credit $ e. Nala Limited received a deposit of $10,000 on December 15, 2021 for the delivery of the first batch of Marshland beer in January 2022. The contract has a delivery date stipulated of January 15, 2022. Required: Required: Prepare the entry to record the receipt of this deposit. Date Debit account Credit account Debit $ Credit $ Nala Limited operates a microbrewery and has been in existence for several years. Nala has a December 31st year end and follows IFRS. You are to record journal entries for Nala Limited (Nala) for transactions that follow in the grid below. (There are 5 transactions) Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. Round amounts in entries to the nearest dollar. Prepare the journal entry to record the transaction on September 30th and the adjusting entry required at the December 31, 2021 year end. Show any calculations. (5 marks) Date Debit account Credit account Debit $ Credit $ b. Nala Limited had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), El (1.66%), and income tax withholdings of $ 11,880. Union dues of $ 1,125 and Health insurance premiums of $ 2,850 were also withheld. Required: Prepare the journal entries to record the employee wages/salaries and payroll deductions as well as the journal entries to record the employer payroll contributions. 5 marks Date Debit account Credit account Debit $ Credit $ c. One of the owners of Nala Limited discovered a new berry in the marshes and the company has decided to use the berry in a new beer they hope to reach market next year. The land where the berries are located is owned by the Government of Newfoundland and Labrador. On January 1, 2021, Nala Limited purchased the rights to use a parcel of land from the province of Newfoundland and Labrador. The rights cost $ 10,000,000 and allowed the company to use the berries on the land for seven years, i.e., until Dec 31, 2027. Nala expects that the crop of berries will be realized evenly over the contract period. When the contract is completed, Nala Limited is required to clean up the land and restore it to the original condition. It is estimated that this will cost $1,500,000. Nala uses a discounted cash flow method to calculate the fair value of this obligation and believes that 6% is the appropriate discount rate. Nala uses straight-line depreciation method. Required: Prepare the journal entry at January 1, 2021 and any adjusting entries required at year end. (15 marks) Date Debit account Credit account Debit $ Credit $ d. Nala Limited sells beer directly to customers, bars, and restaurants. They and is close to the cost of the bottles. In addition, since the bottle returns must be made at the brewery location, Nala is using this relatively high deposit amount as a marketing strategy because it provides an incentive for customers to return to the brewery to have their bottles refilled. Based on past experience, Nala estimates that 60% of the bottles do not get returned for refund. Nala makes an adjustment at the end of the fiscal year for unreturned deposits to the account Container Sales Revenue. Nala uses the periodic inventory system. uses one-litre blue glass refillable bottles featuring a swing-top ceramic lid. The bottles cost Nala $4.90 each. Nala charges customers a refundable deposit of $5 for each bottle at the point of sale of their beer and records amounts received to the account Returnable Deposits. The $5 deposit amount is standard for this specialized segment of the micro beer industry Required: 1. Prepare a summary journal entry for the cash sale of 1,000 bottles of beer with a selling price of $8, plus bottle deposit recorded to Refund Liability. 2. Prepare the year-end adjusting entry for unreturned bottles using the information provided and your entry in part (a). (10 marks) Date Debit account Credit account Debit $ Credit $ e. Nala Limited received a deposit of $10,000 on December 15, 2021 for the delivery of the first batch of Marshland beer in January 2022. The contract has a delivery date stipulated of January 15, 2022. Required: Required: Prepare the entry to record the receipt of this deposit. Date Debit account Credit account Debit $ Credit $