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Find the carrying amount of the unearned income liability

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Problem 1: On 1 July 20X0 Alpha Ltd received emission trading allowances (ETAs) for 1,000 tonnes of carbon dioxide from the government at no cost. The ETAs can be used over four years, thus expiring at 30 June 20X4. The fair value of ETAs was $32 per tonne at 1 July 20X0 but had increased to $40 per tonne at 30 June 20X1. If Alpha Ltd uses the IFRIC 3 model with revaluation to account for the ETAs, the carrying amount of the Unearned income liability at 30 June 20X1 will be:

Option 1: $8000
Option 2: Nil
Option 3: $30 000
Option 4: $24 000

Reference no: EM132767151

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