Question 1 1. On 1 April 202, Reme Ltd raised $8m for 1 year all for the building of new production equipment. The loan carries 8% interest rate payable at the end of the loan term. The project commenced on 1 May 202 but no construction took place between 1 June 202 to 31 July 202 due to employee strikes. The equipment was ready for use on 31 March 203 with a construction cost of $8m. What is the carrying amount of the equipment in Reme statement of financial position as at 31 March 203