Diamond Ltd acquired an item of polishing equipment on 1 July 2015 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 $40,000. On 1 July 2017, the equipment is deemed to have a fair value of
$424,000 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 2019.
Required:
Provide the journal entries necessary at the following dates to account for the above transactions and
events. (Ignore narrations). Show your working. (10 marks)
• 01/07/2015
• 01/07/2017
• 01/07/2019

Suppose a ceiling fan manufacturer has the total cost function c(x) = 48x + 1485 and the total revenue function r(x) = 75x. (a) what is the equation of the profit function p(x) for this commodity? p(x) = (b) what is the profit on 35 units? p(35) = interpret your result. the total costs are less than the revenue. the total costs are more than the revenue. the total costs are exactly the same as the revenue. (c) how many fans must be sold to avoid losing money? fans

Which of these is not a result of regular exercise

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.