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OnMay 15, 2018 Whitecliff Industries acquired some earth moving equipment by way of a $40,000 six-month discounted bank bill.The cash amount received was $36,400. Assuming

OnMay 15, 2018 Whitecliff Industries acquired some earth moving equipment by way of a $40,000 six-month discounted bank bill.The cash amount received was $36,400.

Assuming a 30 June reporting date

how how any liabilities relevant to this transaction would be disclosed on 30 June 2018 statement of financial position for the discounted bill.

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