Question (10 marks) For the year ending 30 June 2019, Triabal Group Ltd reports net profit after tax of At the beginning of the year, Triabal Group Ltd had 800 000 fully paid ordinary shares. It also had 100 000 $1.00, 10 per cent, cumulative preference shares outstanding. The preference shares were classified as equity. On 1 September 2018 the company issued another 200 000 fully paid ordinary shares by way of a rights issue. The right provided an additional share for each four held, and required the payment of $1.50. The last cum rights share price was $2. The basic EPS for the year ended 30 June 2018 was $1.95. Required Compute the basic EPS amount for 2019, and provide the adjusted comparative EPS for 2018. Question (12 marks) Diamond Ltd acquired an item of polishing equipment on 1 July 2013 for $ 440 000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of 40000. On 1 July 2015 the equipment is deemed to have a fair value of $424000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356 000 on 1 July 2017. Required: Provide the journal entries necessary at the following dates to account for the above transactions and events. 01/07/2013 (2 marks) 01/07/2015 (4 marks) 01/07/2017 (6 marks)