IFRS 15 Alignment Co. signed a contract to provide network service to Clumsy Ltd for one year from April 2018 for $100 per month. The contract required Clumsy Ltd to make a single payment to Alignment Co for all 12 months at the beginning of the contract. Alignment Co received 12,000 on the 1* of April 2018. What amount of revenue should Alignment Co recognise in its statement of profit and loss for the year ended December 31, 2018? A company enters into a contract to supply 4 types of products to a customer. The promise to supply each of these products is regarded as a separate performance obligation The stand alone prices of these four products are: Product A $32,000 Product B $18,500 Product C $25,500 Product D $20,000 IFRS 16 The agreed contract price is $96,000. How should this price be allocated to performance obligations? Llama limited sells and equipment on January 01, 2019 which she bought on January 01,2016 for $6,000, and has been depreciating the equipment each year at 25% per annum on a straight line basis. It trades this equipment in for new one costing $10,000 pays the supplier $9,200 in cash. What is the gain or loss on the disposal of the old equipment? Unicorn Express Co. pays $80,000 to replace a major component of a factory machine. The faulty component that is replaced is sold for $4,000. The carrying amount of the machine before the replacement is $900,000, of which $20,000 relates to the faulty component being replaced. Calculate the revised carrying amount of the machine after the replacement occurs and the profit or loss disposal of the faulty component