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Assets of Argus Ltd Include a Plot of Land Purchased $\quad$

question 1

Multiple Choice

Assets of Argus Ltd include a plot of land purchased for $40 000.On 1 January 20X0 Argus became a subsidiary of Cyclops Ltd.The land was sold on 30 March 20X9 for $350 000.The land's fair value at the following dates was:
1 January 20X0 $\quad$ $\quad$ $\quad$ $100 000
31 December 20X3 $\quad$ $\quad$ $270 000
31 December 20X6 $\quad$ $\quad$ $240 000
31 December 20X8 $\quad$ $\quad$ $360 000
The group applies the cost model.The carrying amount of the land immediately before control date is $40 000.
What is the correct consolidation data adjustment entry for 31 December 20X9?

Definitions:

Producing Efficiently

The process of manufacturing goods or delivering services in a way that minimizes waste, resources, and time while maximizing productivity and quality.

Direct Labour Hours Quantity

The total number of labor hours spent by workers who are directly involved in the production of goods or services.

Standard Cost

An estimated or pre-determined cost of performing an operation or producing a good, used in budgeting and pricing.

Actual Cost

The tangible and realized expense incurred for materials, labor, and overhead in the production of goods or services.

Assets of Argus Ltd Include a Plot of Land Purchased \quad

Definitions:

Assets of Argus Ltd Include a Plot of Land Purchased $\quad$