( Please need correct answers quickly, no need long explanation)

1.On 1 January 2022, Toyboys Ltd acquired all the issued shares of Dragonfly Ltd. At that date, the plant of Dragonfly Ltd had a fair value of $10 000 more than its carrying amount and an estimated useful life of 5 years. Dragonfly Ltd depreciates the plant on a straight-line basis.The tax rate is 30%. How much will be the adjustment to be made against profit or loss in relation to this plant at30 June 2023?

a credit of $2 000

a debit of $2 000

a credit of $1 400

a debit of $1 400

2.On 1 January 2022, Cow Ltd acquired all the issued shares in Green Ltd. At that date, the inventories of Green Ltd had a fair value of $20 000LESSthan their carrying amount. The inventories were sold during the year ended on 30 June 2023.The company tax rate is 30%.

Required

The tax effect entry to be made on 30 June 2023 in relation to the inventory will be:

CR Deferred Tax Liability6000

DR Income Tax Expense6000

DR Deferred Tax Asset6000

CR Income Tax Expense6000

3.Determine whether the following statement is true or false.

When an acquirer purchased all the issued shares of the acquiree, tax consequence should be considered for any goodwill to be recognised as a result of the business combination.

True

False

4.On 1 January 2022, Toy Ltd acquired all the issued shares of Dragon Ltd. All the assets and liabilities ofDragon Ltd were recorded at amounts equal to their fair values at the acquisition date, except for the plant. The carrying amount ofthe plant was $97 000 and its fair value was $70 000. It was estimated that the plant had a further life of 5 years. Dragon Ltd depreciates the plant on a straight-line basis.The company tax rate is 30%.

Required:

What is the amount of adjustment required for the consolidated "Depreciation expense" at 30 June 2023?

Please provide a numerical value without a sign ($, + or -), punctuation, or space.Incorrectly formatted answers will not be awarded any marks.