The Parrot Company and The Tyrrell Company have a long-standing arrangement whereby each year they swap 50,000 litres of similar products with each other. During 20X7 the fair value of the product Parrot supplied to Tyrrell was CU45,000, whilst the fair value of that supplied by Tyrrell to Parrot was CU44,000. Under IFRS 15 Revenue from contracts with customers, how much revenue should be recognised by Parrot in relation to this arrangement in profit or loss for the year ended 31 December 20X7? CU45,000 O CU1,000 CU44,000 Nil The Cottage Company is a manufacturing company. The cost per unit of an inventory item is shown on its card as follows: Materials Production labour costs Production overheads Factory administration costs Marketing costs CU 12.5 13.8 5.0 4.0 2.0 According to IAS2 Inventories, what is the value of one completed inventory item in Cottage's statement of financial position? CU35.3 CU26.3 CU31.3 CU30.3 The Bluebell Company commenced construction of a new production facility on 1 January 20X6. The cost of the materials used was CU200. Bluebell paid CU25 in architects fees and CU30 in testing fees for the facility. CU10 of cash was received by Bluebell from selling the product produced whilst testing the facility. Operating losses of CU8 were incurred in the start up period between the asset becoming ready for use and full production commencing on 31 December 20X6. In accordance with IAS 16 Property, plant and equipment the amount recognised as property plant and equipment in respect of the production facility should be CU255 O CU225 CU245 CU233 The Balloon Company has acquired a licence relating to the introduction of a new broadcasting service. The related costs incurred were as follows: Cost of licence Expenditure on promoting the new service Cost of related broadcasting equipment CU8,400,000 CU120,000 CU480,000 According to IAS38 Intangible assets, what is the total cost that should be capitalised as an intangible non- current asset in respect of the new service? CU9,000,000 CU8,400,000 CU8,520,000 CU8,880,000