On 1 July 2010,Sunday Ltd Entered into a 50:50 Joint $\bullet$

question 14

Multiple Choice

On 1 July 2010,Sunday Ltd entered into a 50:50 joint operation with Night Ltd to develop an open cut coal mine in central Queensland.Each operator's initial contribution was $4 million.Sunday contributed $2 million cash and equipment with a fair value of $2 million and a book value of $1 000 000.Night contributed $4 million cash.
Additional information
$\bullet$ Production costs for the JO for the year ended 30 June 2011 were as follows.

$\bullet$ The remaining useful life of the equipment contributed by Sunday is 5 years.
$\bullet$ Night is responsible for the day to day management of JO and has recognised the management fee received during the year as revenue.The costs of providing these management services to JO was $450 000.
$\bullet$ Night has sold all of the coal distributed to it and Sunday has sold 50% of the coal distributed to it by 30 June 2011.
An extract of JO's balance sheet at 30 June 2011 shows:

The value of inventory distributed to Sunday Ltd by the joint venture and subsequently sold by 30 June 2011 is:

• A)$850 000.
• B)$1 700 000.
• C)$1 800 000.
• D)$3 400 000.

Understand the challenges marine invertebrates face in freshwater environments and the importance of osmoregulation.

Comprehend the reasons why animals most likely evolved in oceans and the evolutionary advantages of living in aquatic environments.

Recognize the diversity of animal phyla based on body symmetry and understand the significance of asymmetric, bilateral, and radial symmetries.

Appreciate the role of molecular data in reconstructing animal phylogenies and recognizing shared derived characteristics.

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Definitions:

Minimum Standards

Regulations or guidelines that establish the lowest acceptable limits or requirements for a specific action, performance, product or outcome.

Stakeholders

Individuals or groups that have an interest, concern, or stake in a project, company, or decision, affecting or being affected by the outcome.

Employees

Individuals hired by a business or organization to perform work in exchange for compensation.

Social Responsibility

The idea that entities, whether individuals or organizations, are obligated to act for the benefit of society at large.