QUESTION 9 Total 10 marks The following are several transactions that occurred in City Sports Ltd for the year ended 30 June 2014: a) The company sold a one-year corporate subscription package to ABC Ltd on 1 March 2014 for $12,000 which was received in advance. (2.5 marks) b) The company rented out 1,000 square metre of office space to DEF Ltd for a period of three years, starting from 1 January 2014. DEF Ltd paid $50,000 on this date. Additional instalments of $50,000 shall be paid in 2015 and 2016. (2.5 marks) c) The company contributes generously to nursing homes and orphanages. In recognition of its active involvement in charities, the company received a cheque for $30,000 from an anonymous donor. (2.5 marks) d) On 30 January 2014, the company sold a van to GHI Ltd for $32,000. The cost of the van was $80,000 and the net book value is $20,000. (2.5 marks) Required: For each transaction, determine the amount to be recognised as income in the current financial year. Ignore GST