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Share Capital for Rippa Ltd

You are the financial accountant for Superstore Ltd, and are in the process of preparing its financial statements for the year ended 30 June 2018.  Whilst preparing the financial statements, you become aware of the following situations:

  1. On 1 July 2017, the directors made a decision, using information obtained over the last couple of years, to revise the useful life of an item of manufacturing equipment.  The equipment was acquired on 1 July 2015 for $800,000, and has been depreciated on a straight-line basis, based on an estimated useful life of 10 years and residual value of nil.  Superstore Ltd uses the cost model for manufacturing equipment.  The directors estimate that as at 1 July 2017, the equipment has a remaining useful life of 6 years and a residual value of nil.  No depreciation has been recorded as yet for the year ended 30 June 2018 as the directors were unsure how to account for the change in the 2018 financial statements, and unsure whether the 2016 and 2017 financial statements will need to be revised as a result of the change.
  2. In June 2018, the accounts payable officer discovered that an invoice for repairs to equipment, with an amount due of $20,000, incurred in June 2017, had not been paid or provided for in the 2017 financial statements.  The invoice was paid on 12 July 2018.  The repairs are deductible for tax purposes.  The accountant responsible for preparing the company’s income tax returns will amend the 2017 tax return, and the company will receive a tax refund of $6,000 as a result (30% x $20,000).  No journal entries have been done as yet in the accounting records of Superstore Ltd, as the directors are unsure how to account for this situation, and what period adjustments need to be made in.
  3. Superstore Ltd holds shares in a listed public company, ABC Ltd, which are valued in the draft financial statements on 30 June 2018 at their market value on that date - $600,000.  A major fall in the stock market occurred on 10 July 2018, and the value of Superstore’s shares in ABC Ltd declined to $250,000.
  4. On 21 July 2018, you discovered a cheque dated 20 April 2018 of $32,000 authorised by the company’s previous accountant, Max. The payment was for the purchase of a swimming pool at Max’s house.  The payment had been recorded in the accounting system as an advertising expense.  You advise the directors of this fraudulent activity, and they will investigate.

Assume that each event is material.

i) State the appropriate accounting treatment for each situation. Provide explanations and references to relevant paragraphs in the accounting standards to support your answers.  Where adjustments to Superstore Ltd’s financial statements are required, explain which financial statements need to be adjusted (ie. 2016, 2017, 2018 or 2019).  

ii) Prepare any note disclosures and adjusting journal entries that are needed in the 2018 financial statements for each situation.  

Rippa Ltd was incorporated on 1 July 2017.  The following transactions and events occurred during the year ended 30 June 2018:

1 Jul 2017:  Rippa Ltd makes an offer to the public for investors to subscribe for 5,000,000 shares, at an issue price of $4.00 per share, with $2.50 payable on application, $1.00 being payable within one month of allotment, and $0.50 payable on a call to be made at a later date.  The issue is underwritten at a commission of $12,000.

31 Jul 2017:  Applications close, with applications received for 6,000,000 shares.

10 Aug 2017:  5,000,000 shares are allotted in proportion to the number of shares for which applications had been made.  The surplus application money is offset against the amount payable on allotment.

12 Aug 2017:  The underwriter’s commission is paid.

10 Sep 2017:  All allotment money is received.

1 Feb 2018:  The call is made, with money due by 28 February 2018.  

28 Feb 2018:  All call money is received except for holders of 40,000 shares who fail to meet the call.  

20 Mar 2018:  The shares on which call money was not received are forfeited and sold as fully paid.  An amount of $3.20 is received for each share sold. Costs of the forfeiture and reissue amount to $4,000, and are paid.  

25 Mar 2018:  The balance of the Forfeited Shares Account is returned to the former shareholders.

i)  Prepare the journal entries to record the transactions of Rippa Ltd up to and including that which took place on 25 March 2018.  Show all relevant dates and narrations.

ii)  After returning money to the former shareholders on 25 March 2018, one of the former shareholders has contacted you in relation to the amount of money that he received.  He tells you that he paid the application money and allotment money for the shares that he had, so he should get an amount back of $3.50 per share.  Explain why the amount returned to the former shareholders was not $3.50 per share, and prepare workings to show how the refund per share was calculated. 

Statement of Profit or Loss and Other Comprehensive Income for Jackson Storm Ltd

Jackson Storm Ltd commenced business on 1 July 2017, with share capital of $300,000.  On 30 June 2018, the company presents its first Statement of Profit or Loss and Other Comprehensive Income, and first Statement of Financial Position.  The statements are prepared before considering taxation.  The following information is available:

Statement of Profit or Loss and Other Comprehensive Income (Extract) for the year ended 30 June 2018

 

$

$

Revenue

 

2 150 000

Government grant (exempt from income tax)

 

50 000

Expenses

   

Cost of sales

925 000

 

Advertising

59 000

 

Annual leave

25 000

 

Depreciation – equipment

70 000

 

Depreciation – motor vehicles

30 000

 

Doubtful debts expense

34 000

 

Entertainment (not tax deductible)

4 500

 

Insurance

18 000

 

Rent

78 000

 

Salaries

335 000

 

Warranty expenses

18 500

 

Other expenses

47 200

1 644 200

Accounting profit before tax

 

555 800

                                                                 Statement of Financial Position (Extract) as at 30 June 2018

 

$

$

Assets

   

Cash

 

40 000

Inventory

 

162 900

Accounts receivable

250 000

 

Less: allowance for doubtful debts

(32 000)

218 000

Prepaid insurance

 

7 000

Equipment – cost 

700 000

 

Less: accumulated depreciation

(70 000)

630 000

Motor vehicles – cost 

120 000

 

Less: accumulated depreciation

(30 000)

     90 000

Total assets

 

1 147 900

     

Liabilities

   

Accounts payable

 

54 600 

Loan

 

200 000

Provision for annual leave

 

21 000

Provision for warranties

 

     16 500

Total liabilities

 

   292 100

Net assets

 

855 800

     

Equity

   

Share capital

 

300 000

Retained earnings

 

   555 800

   

855 800

  • The company purchased equipment at a cost of $700,000 on 1 July 2017.  The equipment is depreciated over ten years for accounting purposes, and seven years for taxation purposes (using the straight-line basis of depreciation, and a residual value of nil).  
  • The company purchased motor vehicles at a cost of $120,000 on 1 July 2017.  The motor vehicles are depreciated over four years for accounting purposes, and six years for taxation purposes (using the straight-line basis of depreciation, and a residual value of nil).  
  • Tax deductions for annual leave, warranties, insurance are available when the amounts are paid, and not as amounts are accrued.
  • Amounts received from sales, including those on credit terms, are taxed at the time the sale is made.
  • Tax deductions are not available for doubtful debts. Tax deductions are only available when bad debts are written off.
  • The tax rate is 30%.

i)  Determine the balance of any current tax liability and deferred tax assets and deferred tax liabilities for Jackson Storm Ltd as at 30 June 2018, in accordance with AASB 112.  Use appropriate worksheets and show all necessary workings.

ii)  Prepare the journal entries to record the current tax liability and deferred tax assets and deferred tax liabilities.

You are the accountant for Superstar Ltd, and you are required to account for the company’s equipment for the years ended 30 June 2017 and 30 June 2018, which are measured using the revaluation model.  The directors elect to depreciate equipment on a straight-line basis.

The first equipment has a carrying amount as follows, prior to any depreciation or revaluation being recognised for the year ended 30 June 2017:

Revalued amount (as at 30 June 2016):

$60,000

Less: accumulated depreciation

             -

Carrying amount

$60,000

This equipment was revalued for the first time on 30 June 2016, from $70,000 to $60,000.  The directors determined that as at 30 June 2016, this equipment had an estimated remaining useful life of 4 years, and an estimated residual value of $10,000.  

The directors have determined that the fair value of this equipment on 30 June 2017 is $55,000.  At 30 June 2017, this equipment had an estimated remaining useful life of 3 years, and the residual value remains unchanged at $10,000.  

The directors have determined that the fair value of this equipment on 30 June 2018 is $44,000.  

The second equipment at has a carrying amount as follows, prior to any depreciation or revaluation being recognised for the year ended 30 June 2017:

Revalued amount (as at 30 June 2016):  

$20,000

Less: accumulated depreciation

              -

Carrying amount    

$20,000

This equipment has been revalued a number of times, with revaluation decrements amounting to $1,000 being previously recognised in profit or loss.  The directors determined that as at 30 June 2016, this equipment had an estimated remaining useful life of 4 years, and an estimated residual value of $4,000.  

The directors have determined that the fair value of this equipment on 30 June 2017 is $18,000.  At 30 June 2017, this equipment had an estimated remaining useful life of 3 years, and the residual value has been revised to $6,000.  

This equipment is sold on 31 December 2017 for $13,000.  

Prepare the necessary journal entries to account for each of the above equipment for the years ended 30 June 2017 and 30 June 2018 (including entries for depreciation, revaluations, and any disposals).   Show all relevant workings. Note: you are not required to account for income tax associated with revaluations.

Foodie Ltd has two separate cash generating units, ‘Fizzy Drinks’ and ‘Ice creamery’.  At 30 June 2018, the carrying amounts of the assets of the units, valued pursuant to the cost model, are as follows:

 

Fizzy Drinks

Ice creamery

 

$

$

Cash

18,000

14,000

Inventory

34,000

25,000

Fixtures and fittings

25,000

35,000

Accumulated depreciation – fixtures and fittings

(5,000)

(10,000)

Equipment

165,000

25,000

Accumulated depreciation – equipment

(55,000)

(15,000)

Land and buildings

650,000

185,000

Accumulated depreciation – buildings 

(25,000)

(6,000)

Patent

25,000

-

Goodwill 

  40,000

  15,000

Total 

872,000

268,000

The inventory is recorded at the lower of cost and net realisable value. The patent has a fair value less costs to sell of $20,000.  The land and buildings of ‘Fizzy Drinks’  have a fair value less costs to sell of $620,000, and the land and buildings of ‘Ice creamery’ have a fair value less costs to sell of $175,000.

On 30 June 2018, the directors of Foodie Ltd estimate that the fair value less cost to sell for ‘Fizzy Drinks’ and ‘Ice creamery’ amount to $750,000 and $260,000 respectively. The value in use of ‘Fizzy Drinks’ and ‘Ice creamery’ are estimated at $810,000 and $240,000 respectively.

Determine the impairment loss (if any) to be recognised by Foodie Ltd for each of its cash generating units as at 30 June 2018, and determine how the impairment loss (if any) is to be allocated.  Prepare the journal entries to account for the impairment loss/losses (if any). Show all workings and provide references to the relevant accounting standard to support your answer.

This assessment task will assess the following learning outcome/s:

  • be able to prepare basic financial statements for reporting entities.
  • be able to discuss critically and comprehensively the statutory and professional requirements upon which published financial statements are based.
  • be able to explain the form and content of financial statements.
  • be able to interpret and apply generally accepted accounting principles and specific financial reporting standards relating to concepts of recognition, measurement, disclosure, revaluation and impairment of key financial statement elements.

Share Capital for Rippa Ltd

According to “Paragraph 51 of AASB 116”, any revision in an asset’s useful life is to be considered as a change in accounting estimate, instead of accounting policy change (Aasb.gov.au, 2018). Hence, this does not mandate the need for retrospective restatement of accounts. The change would exert influence only on the financial statements of the prospective periods.

Book value as at 1st July 2017 = ${800,000 – 2 x (800,000/10)} = $640,000

Depreciation charges per annum for the remaining six years = $640,000/6 = $106,667

Finally, a disclosure about the change in accounting estimate is to be made as financial footnotes.

The due amount of $200,000 would be shown in the form of accounts payable under the section of current liabilities in the balance sheet statement as at 30th June 2018. Since the repairs expense belong to the period ended 30th June 2017, it is not possible to show the same in the form of expense in the income statement for the period ended 30th June 2018 in accordance with accounting, accrual and matching principles. Due to the closure of repairs expense account in 2017, retained earnings account would be used for adjustment that denotes the accumulated profits until date.

When an investment value falls after the reporting period, the event is stated to be non-adjusting. According to “Paragraph 21 of AASB 110”, these events need to be disclosed as notes to accounts, if they carry material amounts. In opposition, these events are required to be ignored (Aasb.gov.au, 2018). According to the provided scenario, significant fall in investments could be observed from $600,000 to $250,000 and this is extremely crucial for the financial statement users. Even though the fall in market value does not require any adjustment to the value of an asset for reporting in the 2018 balance sheet statement, disclosure needs to be made in notes to accounts. However, in 2019, there is need to write-off investments to $250,000 for which Superstore Limited has to register a loss. In that case, revenue or income statement account needs to be debited by $350,000 ($600,000 - $250,000), while investments account would be credited by $350,000.

In accordance with “Paragraph 8 of AASB 110”, a business organisation needs to account for adjusting events through adjustment of potential financial effects in the financial statements before finalisation and issuance (Aasb.gov.au, 2018). If an error or fraud is identified after the date of reporting, the event is said to be adjusting. In this scenario, the two accounts needing adjustments include Max and advertising expense.

                                                                                      In the Books of Superstar Limited

Statement of Profit or Loss and Other Comprehensive Income for Jackson Storm Ltd

                                                                                             Adjusting Journal Entries

                                                                                              For the year ended 2018

Date Particulars Debit amount Credit amount
30-Jun-18      
1 Depreciation Expense Account..........................................Dr  $      106,667  
              To Accumulated Depreciation Account    $       106,667
       
2 Retained Earnings Account.................................................Dr  $        14,000  
  Income Tax Refundable Account.........................................Dr  $          6,000  
               To Accounts Payable Account    $         20,000
       
3 No journal entry needed  $               -    
       $                 -  
       
4 Max Account........................................................................Dr  $        32,000  
               To Advertising Expense Account    $         32,000

                                                                                            In the Books of Rippa Limited

                                                                                                       Journal Entries

                                                                                            For the year ended 30 June 2018

Date Particulars Debit amount Credit amount
10-Aug-17 Cash Account.........................................................Dr  $  15,000,000  
           To Share Application Account    $   15,000,000
  (To record receipt of application money)    
       
10-Aug-17 Share Application Account.....................................Dr  $  15,000,000  
            To Share Capital Account    $   12,500,000
            To Share Allotment Account    $     2,500,000
  (To record money transfer to share capital)    
       
12-Aug-17 Underwriting Commission Account........................Dr  $         12,000  
              To Cash Account    $          12,000
  (To record underwriting commission paid)    
       
10-Sep-17 Share Allotment Account........................................Dr  $    5,000,000  
              To Share Capital Account    $     5,000,000
  (To record share allotment money due)    
       
10-Sep-17 Cash Account..........................................................Dr  $    2,500,000  
  Share Application Account.....................................Dr  $    2,500,000  
               To Share Allotment Account    $     5,000,000
  (To record receipt of allotment money)    
       
01-Feb-18 Share First Call Account.........................................Dr  $    2,500,000  
                To Share Capital Account    $     2,500,000
  (To record share first call money due)    
       
28-Feb-18 Cash Account...........................................................Dr  $    2,480,000  
  Call-in-Arrears Account..........................................Dr  $         20,000  
                 To Share First Call Account    $     2,500,000
  (To record receipt of money from shares)    
       
20-Mar-18 Share Capital Account.............................................Dr  $       160,000  
                   To Share Forfeiture Account    $        140,000
                   To Call-in-Arrears Account    $          20,000
  (To record forfeiture of shares)    
       
20-Mar-18 Cash Account...........................................................Dr  $       128,000  
  Share Forfeiture Account.........................................Dr  $         32,000  
                    To Share Capital Account    $        160,000
  (To record reissue of shares)    
       
20-Mar-18 Share Reissue Cost Account....................................Dr  $           4,000  
                    To Cash Account    $            4,000
       
25-Mar-18 Share Forfeiture Account.........................................Dr  $       108,000  
                    To Share Reissue Cost Account    $            4,000
                    To Shareholders Account    $        104,000
  (To record amount to be refunded to the shareholders)    
       
25-Mar-18 Shareholders Account...............................................Dr  $       104,000  
                    To Cash Account    $        104,000
  (To record amount refunded)    

Working Note:-

                                                 Shares applied, allotted, cash received related to application and excess cash received

Number of shares applied for (A) Number of shares allotted (B) Total cash received (C) = (A) x $2.50 Cash received related to application (D) = (B) x $2.50 Excess cash received from application (E) = (C) - (D)
               6,000,000                                                                       5,000,000  $  15,000,000  $   12,500,000  $             2,500,000

The refunded amount was not identical to $3.50, as per the demand of one shareholder, since the individual has failed to make timely payment. As a result, there was forfeiture of shares and the organisation has to spend an excess of $4,000 for reissuance of the same. After reissuance of shares, only $3.20 would be obtained, instead of $4. Due to this, Rippa Limited has to suffer a loss of $0.80 ($4 - $3.20) along with reissuance cost of $0.10 ($4,000/40,000). Therefore, the shareholders have to bear the overall loss of $0.90 ($0.80 + $0.10). As a result, the shareholders would receive $2.60 per share, instead of $3.50 per share.

Statement of Financial Position for Jackson Storm Ltd

                                                                                         Calculation of Current Tax Liability:-

Particulars Amount
Revenue  $   2,150,000
Government grant  $               -  
Total revenue  $   2,150,000
Expenses:  
Cost of sales  $      925,000
Advertising  $        59,000
Annual leave  $          4,000
Depreciation- Equipment  $      100,000
Depreciation- Motor Vehicles  $        20,000
Doubtful debts expense  $        34,000
Entertainment  $               -  
Insurance  $        25,000
Rent  $        78,000
Salaries  $      335,000
Warranty expenses  $          2,000
Other expenses  $        47,200
Total expenses  $   1,629,200
Profit before tax  $      520,800
Tax @30%  $      156,240
Profit after tax  $      364,560

                                                                           Calculation of Deferred Tax Assets and Deferred Tax liabilities:-

Particulars Carrying amount Tax base Difference Asset/(Liability)
Assets:        
Cash   $              40,000  $    40,000  $           -    
Inventory  $            162,900  $  162,900  $           -    
Accounts receivable (net of allowance)  $            218,000  $  216,000  $     2,000  $                -600
Prepaid insurance  $                7,000  $      7,000  $           -    
Equipment cost (net)  $            630,000  $  600,000  $   30,000  $             -9,000
Motor vehicles (net)  $              90,000  $  100,000  $  -10,000  $               3,000
Liabilities:        
Accounts payable  $              54,600  $    54,600  $           -    
Loan  $            200,000  $  200,000  $           -    
Provision for annual leave  $              21,000  $      4,000  $   17,000  $               5,100
Provision for warranties  $              16,500  $      2,000  $   14,500  $               4,350
Deferred tax assets  $                                                                                   12,450
Deferred tax liabilities  $                                                                                     9,600

                                                                                       In the Books of Jackson Storm Limited

                                                                                                           Journal Entries

                                                                                           For the year ended 30 June 2018

Serial Number Particulars Debit amount Credit amount
1 Tax Expense Account........................................................Dr  $      156,240  
            To Current Tax Liability Account    $       156,240
  (To record current tax liability)    
       
2 Deferred Tax Expense Account.........................................Dr  $             600  
             To Deferred Tax Liability Account    $              600
  (To record deferred tax liability on temporary difference between carrying amount and tax base of accounts receivable)    
       
3 Deferred Tax Expense Account.........................................Dr  $          9,000  
             To Deferred Tax Liability Account    $           9,000
  (To record deferred tax liability on temporary difference between carrying amount and tax base of equipment)    
       
4 Deferred Tax Asset Account..............................................Dr  $          3,000  
             To Deferred Tax Income Account    $           3,000
  (To record deferred tax asset on temporary difference between carrying amount and tax base of motor vehicles)    
       
5 Deferred Tax Asset Account..............................................Dr  $          5,100  
             To Deferred Tax Income Account    $           5,100
  (To record deferred tax asset on temporary difference between carrying amount and tax base of provision for leave)    
       
6 Deferred Tax Asset Account..............................................Dr  $          4,350  
             To Deferred Tax Income Account    $           4,350
  (To record deferred tax asset on temporary difference between carrying amount and tax base of provision for warranties)    
                                                                                              In the Books of Superstar Limited

                                                                                                            Journal Entries

                                                                                For the years ended 30 June 2017 and 30 June 2018

Date Particulars Debit amount Credit amount
30-Jun-17 Depreciation Expense Account..............................................................Dr  $        12,500  
               To Accumulated Depreciation- Equipment 1 Account    $         12,500
       
30-Jun-17 Equipment 1 Account.............................................................................Dr  $          7,500  
               To Gain on Revaluation of Equipment 1 Account    $           7,500
       
30-Jun-17 Gain on Revaluation of Equipment 1 Account........................................Dr  $          7,500  
               To Asset Revaluation Reserve Account    $           7,500
       
30-Jun-17 Depreciation Expense Account..............................................................Dr              4,000  
               To Accumulated Depreciation- Equipment 2 Account                 4,000
       
30-Jun-17 Equipment 2 Account.............................................................................Dr  $          2,000  
               To Gain on Revaluation of Equipment 2 Account    $           2,000
       
30-Jun-17 Gain on Revaluation of Equipment 2 Account........................................Dr  $          2,000  
               To Asset Revaluation Reserve Account    $           2,000
       
31-Dec-17 Depreciation Expense Account..............................................................Dr  $          2,000  
               To Accumulated Depreciation- Equipment 2 Account    $           2,000
       
31-Dec-17 Cash Account.........................................................................................Dr  $        13,000  
  Loss on Sale of Equipment 2 Account....................................................Dr  $          3,000  
               To Equipment 2 Account    $         16,000
       
30-Jun-18 Depreciation Expense Account..............................................................Dr  $        15,000  
               To Accumulated Depreciation- Equipment 1 Account    $         15,000
       
30-Jun-18 Equipment 1 Account.............................................................................Dr  $          4,000  
               To Gain on Revaluation of Equipment 1 Account    $           4,000
       
30-Jun-18 Gain on Revaluation of Equipment 1 Account........................................Dr  $          4,000  
               To Asset Revaluation Reserve Account    $           4,000

Equipment 1:

Particulars Units
Revalued amount on 30 June 2016  $     60,000
Residual value  $     10,000
Useful life (in years)                  4
Depreciation per year  $     12,500
Carrying amount  $     47,500
Fair value on 30 June 2017  $     55,000
Revaluation gain  $       7,500
At 30 Jume 2018:  
Revalued amount on 30 June 2017  $     55,000
Residual value  $     10,000
Useful life (in years)                  3
Depreciation per year  $     15,000
Carrying amount  $     40,000
Fair value on 30 June 2018  $     44,000
Revaluation gain  $       4,000

Equipment 2:

Particulars Units
Revalued amount  $     20,000
Residual value  $       4,000
Useful life (in years)                  4
Depreciation per year           4,000
Carrying amount  $     16,000
Fair value on 30 June 2017  $     18,000
Revaluation gain  $       2,000
Revalued amount on 30 June 2017  $     18,000
Less: Accumulated depreciation  $       2,000
Carrying amount  $     16,000
Less: Cash proceeds from sale  $     13,000
Loss on sale  $       3,000
Particulars Fizzy Drinks Ice Creamery
Fair value  $                                                                     750,000  $         260,000
Value in use  $                                                                     810,000  $         240,000
Recoverable amount  $                                                                     810,000  $         260,000
Carrying amount  $                                                                     872,000  $         268,000
Impairment loss  $                                                                       62,000  $             8,000
     

                                                                        Apportionment of Impairment Loss for Fizzy Drinks:-

Particulars Carrying amount (in $) Pro-rata Impairment Loss Allocated (in $)
Goodwill                                                                           40,000                                                    40,000
       
Fixtures and Fittings                                                                           20,000 2.60%                                                       571
Equipment                                                                         110,000 14.29%                                                    3,143
Land and Building                                                                         620,000 80.52%                                                  17,714
Patent                                                                           20,000 2.60%                                                       571
Total                                                                         770,000 100%                                                  62,000

                                                                                           In the books of Superstar Limited

                                                                                                        Journal Entries 

                                                                                      For the year ended as on 30 June 2018

Date Particulars Debit Credit
Amount (in $) Amount (in $)
30-Jun-18 Impairment Loss Account…………...Dr               70,000  
            To Goodwill- Ice Creamery Account                                                      8,000
            To Goodwill- Fizzy Drinks Account                                                    40,000
            To Fixtures and Fittings- Fizzy Drinks Account                                                         571
            To Equipment-Fizzy Drinks Account                                                      3,143
            To  Land and Building-  Fizzy Drinks Account                                                    17,714
            To Patent-  Fizzy Drinks Account                                                         571
  (To record impairment loss)    
       
30-Jun-15 Income Statement Account………………..Dr               70,000  
            To Impairment Loss Account                                                    70,000
  (Value of impairment loss reallocated to the income statement)    

References:

Aasb.gov.au. (2018). Retrieved 16 September 2018, from https://www.aasb.gov.au/admin/file/content102/c3/AASB136_07-04_ERDRjun10_07-09.pdf

Aasb.gov.au. (2018). Retrieved 16 September 2018, from https://www.aasb.gov.au/admin/file/content105/c9/AASB110_08-15.pdf

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