Topic 2 Exercises Question 1 Yasmina Ltd's non-current assets can be divided into two classes, equipment and furniture. As at 1 July 2019 the carrying amounts of the non-current assets of Yasmina Ltd. were as follows: Equipment (valued at fair value) $300 000 Furniture (valued at cost) Accumulated depreciation-furniture 100 000 (25 000) 75 000 $375 000 It is expected that they will generate benefits evenly over useful life. The expected remaining useful lives were as follows: Equipment Furniture 6 years 3 years At 30 June 2020, the equipment had a fair value of $265 000 and the furniture had an estimated recoverable amount of $52 000. At 30 June 2020, the estimated useful life of the equipment and the furniture is unchanged. On 1 January 2021, half of the furniture is sold for its carrying amount. Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and events described above as at 30 June 2020 and the sale of the furniture on 1 January 2021. Income tax rate is 30%.