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According to AASB 128, if the joint venturer subsequently reports losses, the investor resumes recognising its share of those losses only after its share of the losses the share of profits previously not recognised. O suspend O equals to is more than is less than Available information: Carrying amount of assets was $60,000 . All assets were realised for $50,000 Liquidation cost was $3,000 What is the main purpose of the liquidation account and what is the outcome of the liquidation accounting based on the information above: to calculate the surplus or deficiency on liquidation; Surplus on liquidation of $13,000. to show the capital amount due to contributories; Surplus on liquidation of $47,000. to calculate the deficiency or surplus on liquidation; Loss on liquidation of $13,000. to show the final cash payment to each class of contributory; Gain on liquidation of $13,000. ensions/adjustments-extensions-and-special-consideration.php Question 5 0.5 pts Hitz Limited, a subsidiary entity, sold a non-current asset at a loss to its parent entity, Tonight Limited in prior year. The adjustment necessary on consolidation to reflect the tax effect of this transaction will result in: an increase in deferred tax liabilities an increase in deferred tax assets an increase in a loss on disposal of the non-current asset an decrement to non-controlling interest balances Previous Next > Question 6 0.5 pts Bobs Ltd sold an item of plant to its subsidiary Mobs Ltd on 1 January 2021 for $45 000. The asset had cost Bobs Ltd $80 000 when acquired on 1 January 2019. At that time, the remaining useful life of the plant was assessed at 5 years. The adjustment necessary on consolidation to reflect the tax effects of the consequential depreciation adjustment for the year ended 30 June 2021 will result in: o an increase in income tax expense and a decrease in deferred tax liabilities a decrease in deferred tax liabilities and a decrease in income tax expense an increase in income tax expense and a decrease in deferred tax assets o a decrease in deferred tax assets and a decrease in income tax expense