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What the entry on july to record the receipt of etas should

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Problem 1: On 1 July 20X0 an entity received emission trading allowances (ETAs) for 1,000 tonnes of carbon dioxide from the government at no cost. The fair value of ETAs was $36 per tonne at 1 July 20X0 but had increased to $40 per tonne at 30 June 20X1. The entity uses the IFRIC 3 model without revaluation to account for the ETAs. The entry on 1 July 20X0 to record the receipt of ETAs should include

Option 1: Cr Unearned Income $32 000

Option 2: No entry should be made for the receipt of the ETAs on 1 July 20X0

Option 3: Dr ETA Asset 36 000

Option 4: Cr Other Comprehensive Income $36 000

Reference no: EM132767154

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