[Authentic] ACC204 Advanced Financial Accounting AssignmentThis individual assignment is worth 40%…

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ACC204 Advanced Financial Accounting AssignmentThis individual assignment is worth 40% of the total unit weight. Provide detailed solutions and ensure that you include any relevant working out. You should submit your assignment on Moodle using a single file; it can be Excel format, word format or PDF format. The due date for this assignment is 11pm Sunday, 26 May 2019.Question 1 (10 marks)Sunshine Ltd acquires an item of machinery on 1 July 2011 for $420000. When the asset is acquired, it is considered to have a useful life for the entity of six years. After this time, the machine will have no residual value. It is believed that the pattern of economic benefits would best be reflected by applying the sum-of-digits method of depreciation. However, contrary to expectations, on 30 June 2014 the asset is sold for $150000.Required:Calculate depreciation expense and gain or loss on disposal of the machinery and prepare all the journal entries necessary for Sunshine Ltd for the year ended 30 June 2012, 30 June 2013, 30 June 2014.Question 2 (10 marks)As at 1 July 2015, Top Ltd has an asset that has a cost of $100000 and accumulated depreciation of $20000. Top Ltd decided on 1 July 2015 that the asset should be revalued to $120000. The remaining useful life of the asset is eight years, after which time it will have no residual value. Top Ltd use straight line method to allocate depreciation for the asset.Required:Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset using the net-amount method for the year ended 30 June 2016.Question 3 (10 marks)Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013. Tamarama Ltd pays the shareholders of Bronte Ltd the following consideration:Cash: $70000Plant and equipment: fair value $250000; carrying amount in the books of Tamarama Ltd $17000Land: fair value $300000; carrying amount in the books of Tamarama Ltd $200000On 1 July 2013 Bronte Ltd’s statement of financial position shows total assets of $700000 and liabilities of $300000. The fair value of the assets is $800000.Required:a) Has any goodwill been acquired and, if so, how much?b) Can Tamarama Ltd revalue the goodwill upwards in a subsequent period?Question 4 (10 marks)Johnson Ltd has entered into a lease arrangement with ABC Ltd in which it has agreed to lease an item of machinery from ABC Ltd on the following terms:Date of commencement of lease: 1 July 2015Duration of lease: 8 yearsFair value of machine at lease inception: $871172Initial up-front payment: $200000Lease payments at the end of each year: $100000Implicit rate of interest: 6%The lease is considered to be non-cancellable. The economic life of the machinery is considered to be 10 years. However, Johnson Ltd will return the machinery to ABC Ltd at the end of the lease term. At this stage it is expected that the machinery will have a residual(unguaranteed)value of $80000 at the end of the lease term.Required:a) Determine the present value of the minimum lease payments.b) prove that the rate of interest implicit in the lease is 6%.

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