prepare journal entries

At 1 July 200 the Govemment allocated emission trading allowances (EYAsi of 1,000 metric tonnes (MT) to Ironbark Ltd at no cost. The ETAs expire after four years. This means they can be used to settle obligations for CO2 emissions generated up to 30 June 204. Settiement of emission obligations for each year to 30 June occurs in August of that year. ETAs can be traded in an active market. Market values were: $24 per MT at 1 July 200. $25 per MT at 30 June 201. $27 per MT at 30 June 202 Ironbark Ltd's CO2 emissions were: Nil for the year ended 30 June 201, as the factory was closed due to recurring lockdowns. 200 MT for the year ended 30 June 202. Ironbark Ltd uses the IFRIC 3 model with revaluation to account for its participation in the emission trading scheme. You should ignore tax effects. Please label each part of your answer as a), b) i), b) ii), b) iii), b) iv) or c) Required a) Prepare all journal entries required for the year from 1 July 200 to 30 June 201 to record Ironbark Ltd's participation in the emission trading scheme. (6 marks) State the carrying amount of each of the following items in Ironbark Ltd's financial statements at 0 June 202. If the item is not recognised, write NIL. ( 8 marks) Nil for the year ended 30 June 201, as the factory was closed due to recurring lockdowris: 200 MT for the year ended 30 June 202. Ironbark Ltd uses the IFRIC 3 model with revaluation to account for its participation in the emission trading scheme. You should ignore tax effects. Please label each part of your answer as a), b) i), b) ii), b) iii), b) iv) or c) Required a) Prepare all journal entries required for the year from 1 July 200 to 30 June 201 to record Ironbark Ltd's participation in the emission trading scheme. (6 marks) b) State the carrying amount of each of the following items in Ironbark Ltd's financial statements at 30 June 202. If the item is not recognised, write NIL. (8 marks) i) ETA Asset ii) Revaluation Surplus ETA iii) Emission liability v) Unearned income liability Does Ironbark Ltd have a mismatch in its statement of financial position at 30 June 202 as a sult of the accounting treatment of the its participation in the emission trading scheme? Justify ur answer by reference to the facts of the case. ( 4 marks) At 1 July 200 the Govemment allocated emission trading allowances (EYAsi of 1,000 metric tonnes (MT) to Ironbark Ltd at no cost. The ETAs expire after four years. This means they can be used to settle obligations for CO2 emissions generated up to 30 June 204. Settiement of emission obligations for each year to 30 June occurs in August of that year. ETAs can be traded in an active market. Market values were: $24 per MT at 1 July 200. $25 per MT at 30 June 201. $27 per MT at 30 June 202 Ironbark Ltd's CO2 emissions were: Nil for the year ended 30 June 201, as the factory was closed due to recurring lockdowns. 200 MT for the year ended 30 June 202. Ironbark Ltd uses the IFRIC 3 model with revaluation to account for its participation in the emission trading scheme. You should ignore tax effects. Please label each part of your answer as a), b) i), b) ii), b) iii), b) iv) or c) Required a) Prepare all journal entries required for the year from 1 July 200 to 30 June 201 to record Ironbark Ltd's participation in the emission trading scheme. (6 marks) State the carrying amount of each of the following items in Ironbark Ltd's financial statements at 0 June 202. If the item is not recognised, write NIL. ( 8 marks) Nil for the year ended 30 June 201, as the factory was closed due to recurring lockdowris: 200 MT for the year ended 30 June 202. Ironbark Ltd uses the IFRIC 3 model with revaluation to account for its participation in the emission trading scheme. You should ignore tax effects. Please label each part of your answer as a), b) i), b) ii), b) iii), b) iv) or c) Required a) Prepare all journal entries required for the year from 1 July 200 to 30 June 201 to record Ironbark Ltd's participation in the emission trading scheme. (6 marks) b) State the carrying amount of each of the following items in Ironbark Ltd's financial statements at 30 June 202. If the item is not recognised, write NIL. (8 marks) i) ETA Asset ii) Revaluation Surplus ETA iii) Emission liability v) Unearned income liability Does Ironbark Ltd have a mismatch in its statement of financial position at 30 June 202 as a sult of the accounting treatment of the its participation in the emission trading scheme? Justify ur answer by reference to the facts of the case. ( 4 marks)