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21. Which one of the following properties would be classified as an investment property? (2 points) A property that has been leased out under a finance lease A stately home used for executive training, but which is no longer required and is now being held for resale Purchased land for investment potential Planning permission has not been obtained for building construction of any kind A new office building used by an insurance entity as its head office which was purchased specifically in the centre of a major city in order to exploit its capital gains potential 22. Which of the following items has correctly been included in Hatton's revenue for the year of 31 December 2019?* (2 points) $800,000 relating to a sale of some surplus land owned by Hatton. $500,000 relating to a sale of specialised equipment on 31 December 2019. The full sales value was $700,000 but $200,000 relates to servicing that Hatton will provide over the next 2 years, so Hatton has not included that in revenue this year. $1 million in relation to a sale to a new customer on 31 December 2019. Control passed to the customer on 31 December 2019. The $1 million is payable on 31 December 2021. Interest rates are 10%. $2 million in relation to a fee negotiated for an advertising contract for Rees, one of Hatton's clients. Hatton acted as an agent during the deal and is entitled to 10% commission. 23. Which of the following does NOT need to be removed from a company's net profit in a profit or loss account in order to calculate the earnings figure to be used in the Earnings Per Share calculation? * DS (2 Points) An error in expenses discovered after the financial statements have been authorised for issue Profit attributable to the non-controlling interest Irredeemable preference share dividends Redeemable preference share dividends 24. Using the requirements set out in IAS 10 Events after the Reporting Period, which of the following would be classified as an adjusting event after the reporting period in financial statements ended 31 March 2019 that were approved by the directors on 31 August 2020? (2 points) The receipt of cash from a claim on an insurance policy for damage caused by a fire in a warehouse on 1 January 2019. The claim was made in January 2020 and the amount of the claim had not been recognised at 31 March 2019 as it was uncertain that any money would be paid. The insurance enterprise settled with a payment of $1.5 million on 1 June 2019. A reorganisation of the enterprise proposed by a director on 31 January 2020 and agreed by the Board on 10 July 2019. A strike by the workforce which started on 1 May 2019 and stopped all production for 10 weeks before being settled The enterprise had made large export sales to the USA during the year. The year-end receivables included $2 million for amounts outstanding that were due to be paid in US dollars between 1 April 2019 and 1 July 2019. By the time these amounts were received, the exchange rate had moved in favour. 25. Which item would be NOT be shown in a statement of cash flow using the direct method? * (2 Points) Cash payments to employees Cash paid to suppliers Cash sales Finance costs