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Question 1 Provide some examples of items that would be adjusted directly against equity, rather than being included as part of profit or loss? Question 2 It is often argued that managers would prefer to show lower levels of debt than higher levels of debt. Why do you think this might be so? Question 3 When would payments made to employees be considered to be an asset? Question 4 On 1 July 2018 Michaela Ltd issues $4,000,000 in five-year debentures that pay interest each six months at a coupon rate of 10 per cent. At the time of issuing the securities, the market requires a rate of return of 8 per cent. Interest expense is determined using the effective-interest method. REQUIRED (a) Determine the issue price. (b) Provide the journal entries at: (i) 1 July 2018 (ii) 30 June 2019 (iii) 30 June 2020