# Question Solved1 AnswerChapter 2/Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($). On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item of property, plant and equipment and is measured using the cost model.Exchange rates are as follows: The fair value of the land at 31 December 20X1 was 32 million dinars. What is the carrying amount of the land as at 31 December 20X1? Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($).On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item ofproperty, plant and equipment and is measured using the cost model.Exchange rates are as follows:Dinars: $1As at 30 June 20X13.0As at 31 December 20X12.0Average rate for year-ended 31 December 20X12.5The fair value of the land at 31 December 20X1 was 32 million dinars.What is the carrying amount of the land as at 31 December 20X1? UHJJRZ The Asker · Accounting Chapter 2/Question 3: Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($). On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item of property, plant and equipment and is measured using the cost model. Exchange rates are as follows: The fair value of the land at 31 December 20X1 was 32 million dinars. What is the carrying amount of the land as at 31 December 20X1?
Transcribed Image Text: Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($).On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item ofproperty, plant and equipment and is measured using the cost model.Exchange rates are as follows:Dinars:$1As at 30 June 20X13.0As at 31 December 20X12.0Average rate for year-ended 31 December 20X12.5The fair value of the land at 31 December 20X1 was 32 million dinars.What is the carrying amount of the land as at 31 December 20X1?
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Transcribed Image Text: Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($).On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item ofproperty, plant and equipment and is measured using the cost model.Exchange rates are as follows:Dinars:$1As at 30 June 20X13.0As at 31 December 20X12.0Average rate for year-ended 31 December 20X12.5The fair value of the land at 31 December 20X1 was 32 million dinars.What is the carrying amount of the land as at 31 December 20X1?