On January 15, 2024, Bella Vista Company enters into a contract to build customequipment for ABC Carpet Company. The contract specified a delivery date ofMarch 1. The equipment was not delivered until March 31. The contract requiredfull payment of $75,000, 30 days after delivery. The revenue for this contractshould bea. recorded on January 15, 2024.b. recorded on March 1, 2024.c. recorded on March 31, 2024.d. recorded on April 30, 2024

Carpet Woes. Beau went shopping at ABC Carpet. He saw some carpet he liked but could not make up his mind. The manager at ABC Carpet wrote down the proposed purchase price for him along with a statement that the price would be good for three months. Two months later Beau went back to ABC Carpet to purchase the carpet. Unfortunately, the price had gone up. Beau showed the manager his writing and guaranteed price, but the manager said that the offer was no longer good. Although he had to pay more than the ABC manager had initially promised, Beau proceeded to purchase his carpet from ABC Carpet, and he also contracted with ABC to do the installation. Unfortunately, Beau almost immediately started to have problems with the carpet. Beau told the sales manager of ABC Carpet that he was planning on bringing suit for breach of warranty. The sales manager, however, told him that the breach of warranty provisions only applied to sales of goods and that the carpet purchase was for installation, a service. Which of the following is true regarding whether the Uniform Commercial Code (UCC) applies to the contract Beau had with ABC Carpet?Multiple ChoiceCommon law applies, not the UCC, because the contract involves a mixed sale.The UCC applies, not common law, because the contract involves a mixed sale.The court will determine if the predominant purpose of the contract was for the sale of goods, and if it was, the UCC applies.The court will apply the "service-warranty" test to determine if the predominant purpose of the contract was for the provision of a service, and if it was, the UCC applies.The court will apply the "service-warranty" test to determine if the predominant purpose of the contract was for the sale of goods, and if it was, the UCC applies.

ABC Ltd signed a 4-year contract with Comp Ltd for the use of a customised machinery on 1 July 2022.ABC Ltd intends to return the asset at the end of the lease term. The leased machinery meets the criteria of a leased asset in accordance with AASB16 Leases. The following information shows the lease terms: Lease term (non-cancellable)4 yearsExpected useful life of the machinery6 yearsExpected fair value of the machinery at the end of lease term$30 000Residual value guaranteed$50 000Bargain purchase price at the end of lease term$60 000Net initial directly attributable costs (paid at 1 July 2022)$8 000Annual lease payment (paid in arrears) $70 000Interest rate implicit in the lease10% p.a. Required:Which journal entries that ABC needs to record on 1 July 2022 in relation to the lease contract?

ABC Ltd signed a 4-year contract with Comp Ltd for the use of a customised machinery on 1 July 2022.ABC Ltd intends to return the asset at the end of the lease term. The leased machinery meets the criteria of a leased asset in accordance with AASB16 Leases. The following information shows the lease terms: Lease term (non-cancellable) 4 years Expected useful life of the machinery 6 years Expected fair value of the machinery at the end of lease term $30 000 Residual value guaranteed $50 000 Bargain purchase price at the end of lease term $60 000 Net initial directly attributable costs (paid at 1 July 2022) $8 000 Annual lease payment (paid in arrears) $70 000 Interest rate implicit in the leaseWhat is the amount to be recorded as a Non-current Lease Liability in the books of ABC Ltd that is in accordance with AASB16 Leases on 30 June 2023? Group of answer choices $174,080 $189,106 $138,017 $121,488

ABC Ltd signed a 4-year contract with Comp Ltd for the use of a customised machinery on 1 July 2022.ABC Ltd intends to return the asset at the end of the lease term. The leased machinery meets the criteria of a leased asset in accordance with AASB16 Leases. The following information shows the lease terms: Lease term (non-cancellable) 4 years Expected useful life of the machinery 6 years Expected fair value of the machinery at the end of lease term $30 000 Residual value guaranteed $50 000 Bargain purchase price at the end of lease term $60 000 Net initial directly attributable costs (paid at 1 July 2022) $8 000 Annual lease payment (paid in arrears) $70 000 Interest rate implicit in the lease 10% p.a. What is the amount to be recorded as a Non-current Lease Liability in the books of ABC Ltd that is in accordance with AASB16 Leases on 30 June 2023? Group of answer choices $174,080 $189,106 $138,017 $121,488

ABC Ltd signed a 4-year contract with Comp Ltd for the use of a customised machinery on 1 July 2022.ABC Ltd intends to return the asset at the end of the lease term. The leased machinery meets the criteria of a leased asset in accordance with AASB16 Leases. The following information shows the lease terms: Lease term (non-cancellable):4 years; Expected useful life of the machinery:6 years; Expected fair value of the machinery at the end of lease term:$30 000; Residual value guaranteed:$50 000; Bargain purchase price at the end of lease term:$60 000; Net initial directly attributable costs (paid at 1 July 2022):$8 000; Annual lease payment (paid in arrears):$70 000; Interest rate implicit in the lease:10% p.a.; What is the amount to be recorded as a Non-current Lease Liability in the books of ABC Ltd that is in accordance with AASB16 Leases on 30 June 2023?