Question Solved1 Answer Chapter 2/Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($). On 30 June 20X1, it purchased land from overseas at a cost of 30 million dinars. The land is an item of property, plant and equipment and is measured using the cost model.Exchange rates are as follows: The fair value of the land at 31 December 20X1 was 32 million dinars. What is the carrying amount of the land as at 31 December 20X1? Question 3:Sunshine is an entity with a reporting date of 31 December 20X1 and a functional currency of dollars ($).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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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?
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Step 1The financial transactions are initially recorded in the form of a journal entry. Step 2a.(To record the increase in liability) Step 3b.Balance s ... See the full answer