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(50 Marks) Part (B) a) On 1 April 2020, VERDI Ltd completed the construction of a power generating facility. The total construction cost was $20 million. The facility was capable of being used from 1 April 2020, but VERDI did not bring the facility into use until 1 July 2020. The estimated useful life of the facility on 1 April 2020 was 40 years. Under legal regulations in the jurisdiction in which VERDI operates, there are no requirements to restore the land on which power generating facilities stand to its original state at the end of the useful life of the facility. However, VERDI has a reputation for conducting its business in an environmentally friendly way and has previously chosen to restore similar land even in the absence of such legal requirements. The directors of VERDI estimated that the cost of restoring the land in 40 years' time (based on prices prevailing at that time) would be $10 million. A relevant annual discount rate to use in any discounting calculations is 5%. When the annual discount rate is 5%, the present value of $1 receivable in 40 years' time is approximately 14.2 cents. (20 Marks) b) VERDI reviewed some non-Current assets and certain items of machinery appeared to have suffered a loss in value at year end 30 September 2020. The inventory produced by the machines was being sold below its cost and this occurrence had affected the value of the productive machinery. The carrying value at historical cost of these machines is $290,000 and their net selling price is estimated at $120,000. The anticipated net cash inflow from the machines is now $100,000 per annum for the next three years. A market discount rate of 10% per annum is to be used in any present value computations. The following Discount factors for 10% are relevant. Year 1 0.909 Year 2 0.826 Year 3 0.751 (20 Marks) Required: Write a report to the directors of Verdi, making reference to the relevant accounting standard, evaluate how the above two events would be reported in the financial statements for the year ended 30 September 2020. Evidence of research and professional presentation of appropriate academic work correctly referenced using the Harvard Referencing System (10 marks) (50 Marks) Part (B) a) On 1 April 2020, VERDI Ltd completed the construction of a power generating facility. The total construction cost was $20 million. The facility was capable of being used from 1 April 2020, but VERDI did not bring the facility into use until 1 July 2020. The estimated useful life of the facility on 1 April 2020 was 40 years. Under legal regulations in the jurisdiction in which VERDI operates, there are no requirements to restore the land on which power generating facilities stand to its original state at the end of the useful life of the facility. However, VERDI has a reputation for conducting its business in an environmentally friendly way and has previously chosen to restore similar land even in the absence of such legal requirements. The directors of VERDI estimated that the cost of restoring the land in 40 years' time (based on prices prevailing at that time) would be $10 million. A relevant annual discount rate to use in any discounting calculations is 5%. When the annual discount rate is 5%, the present value of $1 receivable in 40 years' time is approximately 14.2 cents. (20 Marks) b) VERDI reviewed some non-Current assets and certain items of machinery appeared to have suffered a loss in value at year end 30 September 2020. The inventory produced by the machines was being sold below its cost and this occurrence had affected the value of the productive machinery. The carrying value at historical cost of these machines is $290,000 and their net selling price is estimated at $120,000. The anticipated net cash inflow from the machines is now $100,000 per annum for the next three years. A market discount rate of 10% per annum is to be used in any present value computations. The following Discount factors for 10% are relevant. Year 1 0.909 Year 2 0.826 Year 3 0.751 (20 Marks) Required: Write a report to the directors of Verdi, making reference to the relevant accounting standard, evaluate how the above two events would be reported in the financial statements for the year ended 30 September 2020. Evidence of research and professional presentation of appropriate academic work correctly referenced using the Harvard Referencing System (10 marks)