Question 6 0/0.1 pts Alvin Limited acquired a plant for $60 000 on 1 April 2017. This amount was also the tax base of the land. At its year end on 31 March 2019, this plant was revalued upwards to $70 000. The tax rate is 30%. Alvin Limited applies 10% straight line depreciation policy on its plants. The appropriate journal entry to recognise the net effects of the revaluation (after closing entries) in the statement of financial position at 31 March 2019 is: Dr. Accumulated Depreciation - Plant $12 000 Dr. Plant 10 000 15 400 Cr. Asset Revaluation Surplus Cr. Deferred Tax Liability 6 600 Correct answer True You Answered False Your swers incorrect Question 8 0/0.1 pts 30 June 2019. Caleb Limited had a machinery with an original cost of $140 000 and accumulated depreciation of $56 000. At this date, the fair value of the machinery was $100 000. There was a previous years' recognition of revaluation loss of the machinery of $6 000. The net effects of the journal entries necessary to record the revaluation of the machinery by Caleb Ltd to fair value on 30 June 2019 in accordance with AASB 116 Property. Plant and Equipment is which of the following? Ou Answered 56 000 6 000 Dr. Accumulated depreciation - machinery Dr. Loss on revaluation - P/L Cr. Machinery Cr. Gain on revaluation - OCI Cr. Deferred tax liability Cr. Asset revaluation surplus 40 000 6000 4800 11 200 58 000 Dr Accumulated depreciation - machinery C Machinery C. Deferred to OtAssets too surplus 47000 4300 200 68000 DE ACO to decrecieron machinery On Waonines Canonerne Chafarred as Bet ons 3.000 7.30 Correct answer 10.000 Dr Accumulated cepreciation machinery 56 Dob Sr Machinery en Gain on evaluation - PYL Crtants lacity Cusset revaluation surple 6 000 3.000 1000 ch O Ai Ps id 85F Cl. Asset revaluation surplus 7 000 Your answer is incorrect. Question 9 0/0.1 pts On 1 July 2015, Benson Limited acquired an equipment for $90 000 which it depreciated using straight line basis. The equipment had an estimated useful life of 9 years and its residual value was $9 000. The carrying amount of the equipment in the financial statements dated 30 June 2019 was: w Correct answer $54 000. You Answered $36 000. $81.00 Your answer is incorrect. 90 000 - (90 000 - 9000)/4)