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UNIT MATERIALS AND RESOURCES Prescribed Textbook (compulsory) Deegan, C. (2016), Financial Accounting, 8th ed., McGraw-Hill Australia. Recommended Readings: Jubb ,P., Haswell, S., Langfield-Smith, I. (2009) Company Accounting IV, 5th edition, Cengage Learning (Thomson). Leo, K., Hoggett, J., Sweeting, J. and Radford, J. (2009) Company Accounting, 7th edition, Wiley. 11507590

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Question 3: During the reporting period ending 30 June 2018, Midnight Boil Ltd constructed a
nuclear power generator just outside of Melbourne. The cost of the power generator
and associated technology amounted to $12 550 000. Other costs associated with the construction amounted to: 3 Costs incurred in obtaining access to the site 2 500 500
Power permits 400 500
Engineers’ fees 1 100 500
4 001 500 The plant was ready to start generating power on 1 July 2018, with actual generation
starting on 1 October 2018. At the end of the power plant’s useful life, which is
expected to be 10 years, Midnight Boil Ltd is required by the government to
dismantle the plant, remove it. and return the site to its original condition. After
consulting its own engineers and environmentalists, Midnight Boil Ltd estimates these
costs to be: 3 Dismantling the plant 750 500
Environmental remediation costs 1 249 500
Replacement of flora and fauna 100 000
2 100 000 Midnight Boil Ltd uses a discount rate of 10 per cent Required Prepare the journal entries necessary to account for the power plant for the
years ended 30 June 2018. 30 June 20151| and 30 June 2024. Ignore
depreciation.

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