Question 1 1.5 pts If Brown Ltd uses the cost model to account for its participation...

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Question 1 1.5 pts If Brown Ltd uses the cost model to account for its participation in the emission trading scheme, on 1 July 20X0 it would record: O a credit entry to Income recognised in profit or loss. O a credit entry to Unearned Income. O acredit entry to Income recognised in other comprehensive income. O no journal entries in relation to its participation in the emission trading scheme. Question 2 1.5 pts If Brown Ltd applied IFRIC 3 without revaluation, the carrying amount of Brown Ltd's ETA asset at 30 June 20X1 would be: O NI O $60 000 O $100 000 $105 000 Question 3 1.5 pts Assume the IERIC 3 model with revaluation is applied. On 1 July 20X0 Brown Ltd should record: O a gain recognised in other comprehensive income. O no journal entries in relation to its participation in the emission trading scheme. O income recognised in profit or loss. O an unearned income liability Question 4 1.5 pts Assume the IFRIC 3 model with revaluation is applied. Brown Ltd's emission allowance expense for the year ended 30 June 20X1 is: $42 000 $NIL $43 000 $40 000 Question 5 1.5 pts Assume the IERIC 3 model with revaluation is applied. How much income in relation to the emission trading scheme would Brown Ltd recognise in profit or loss for the year ended 30 June 20X1? O $50 000 O $52 500 O $5000 O $NIL Question 1 1.5 pts If Brown Ltd uses the cost model to account for its participation in the emission trading scheme, on 1 July 20X0 it would record: O a credit entry to Income recognised in profit or loss. O a credit entry to Unearned Income. O acredit entry to Income recognised in other comprehensive income. O no journal entries in relation to its participation in the emission trading scheme. Question 2 1.5 pts If Brown Ltd applied IFRIC 3 without revaluation, the carrying amount of Brown Ltd's ETA asset at 30 June 20X1 would be: O NI O $60 000 O $100 000 $105 000 Question 3 1.5 pts Assume the IERIC 3 model with revaluation is applied. On 1 July 20X0 Brown Ltd should record: O a gain recognised in other comprehensive income. O no journal entries in relation to its participation in the emission trading scheme. O income recognised in profit or loss. O an unearned income liability Question 4 1.5 pts Assume the IFRIC 3 model with revaluation is applied. Brown Ltd's emission allowance expense for the year ended 30 June 20X1 is: $42 000 $NIL $43 000 $40 000 Question 5 1.5 pts Assume the IERIC 3 model with revaluation is applied. How much income in relation to the emission trading scheme would Brown Ltd recognise in profit or loss for the year ended 30 June 20X1? O $50 000 O $52 500 O $5000 O $NIL

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Answer 1 No Journal entry in case o... View the full answer