Before her death, Lucy entered into the following transactions. Discuss the estate and income tax ramifications of each of these transactions.

A. Lucy borrowed $600,000 from her brother, Irwin, so that Lucy could start a business. The loan was on open account, and no interest or due date was provided for. Under applicable state law, collection on the loan was barred by the statute of limitations before Lucy died. Because the family thought that Irwin should recover his funds, the executor of the estate paid him $600,000.

B. Lucy promised her sister, Ida, a bequest of $500,000 if Ida would move in with her and care for her during an illness (which eventually proved to be terminal). Lucy never kept her promise, as her will was silent on any bequest to Ida. After Lucy’s death, Ida sued the estate and eventually recovered $600,000 for breach of contract.

C. Before her death, Lucy incurred and paid certain medical expenses but did not have the opportunity to file a claim for recovery from her insurance company. After her death, the claim was filed by Lucy’s executor, and the reimbursement was paid to the estate.

3. The watershed shown in the figure below is located in Bowling Green, Kentucky (western Kentucky).  The entire watershed is 100 acres in size and is predominantly forested (woods in good condition) before mining begins.  The soils are Macomber (HSG C) and Saragosa (HSG B) with about 50% of the entire watershed in each. These soil types do not change when mining happens.  One seam of coal is to be surface mined as indicated in the figure below (hatched area), with this strip mine land-use being considered “cultivated land without conservation treatment.”  The remaining non-mined land use remains as forested. Please feel free to treat the mining strip (hatched) area as a rectangle with the width 180 ft and length 4500 ft (18.6 acres).

1. (2.5 points) Calculate the Curve Number for the Before Mining watershed condition

2. (2.5 points) Determine how much of the rainfall falling on this before mining watershed would be removed as initial abstractions.  

3. (2.5 points) Calculate the Curve Number for the After Mining watershed condition.

4. (2.5 points) Determine how much of the rainfall falling on this after mining watershed would be removed as initial abstractions.  

A mass m = 13 kg is pulled along a horizontal floor with NO friction for a distance d =7.4 m. Then the mass is pulled up an incline that makes an angle θ = 32° with the horizontal and has a coefficient of kinetic friction μ_k = 0.31. The entire time the massless rope used to pull the block is pulled parallel to the incline at an angle of θ = 32° (thus on the incline it is parallel to the surface) and has a tension T =59 N.

What is the work done by tension before the block goes up the incline? (On the horizontal surface.)

What is the speed of the block right before it begins to travel up the incline?

What is the work done by friction after the block has traveled a distance x = 4.1 m up the incline? (Where x is measured along the incline.)

What is the work done by gravity after the block has traveled a distance x = 4.1 m up the incline? (Where x is measured along the incline.)

How far up the incline does the block travel before coming to rest? (Measured along the incline.)

On the incline the net work done on the block is:

positive

negative

zero

2. An interesting and popular hypothesis is that individuals can temporarily postpone death to survive a major holiday or important event such as a birthday. In a study, it was found that there were 6062 deaths in the week before Thanksgiving, and 5938 deaths the week after Thanksgiving (based on data from “Holidays, Birthdays, and Postponement of Cancer Death,” by Young and Hade, Journal of the American Medical Association, Vol. 292, No. 24).

   (a) If people can postpone death until after Thanksgiving, then the proportion of deaths in the week before should be less than 50%. By hand, use the p-value method and a 0.10 significance level to test the claim that the proportion of deaths in the week before Thanksgiving is less than 50%. Use excel to confirm the p-value you found. Hint: the command =norm.s.dist(test statistic, true) finds the left tail probability for z. (b) Based on the result, does there appear to be any indication that people can temporarily postpone death to survive the Thanksgiving holiday? (c) Suppose the hypothesis test in a) was to find if the proportion is different from 50%; redo the hypothesis test by hand using the p-value method and compare the results. Confirm your p-value using excel.

	Amazon			Walmart
Amazon: 19.1;​ 24.5; 32.4;​ 48.1; 61.1;​ 74.5; 89.0;​ 107.9; 136.0; 177.9.	Revenue	Year	Time	Revenue	Year	Time
Walmart: 402.2;​ 406.1; 420.0;​ 445.0; 467.2;​ 474.5; 483.5;​ 480.0; 482.2; 496.8.	19.1	2008	1	402.2	2008	1
	24.5	2009	2	406.1	2009	2
Using the regression tool in Excel​ (with a constant​ term), in​ 2021	32.4	2010	3	420	2010	3
	48.1	2011	4	445	2011	4
​Amazon's stock price would be predicted to equal​ Walmart's stock price in approximately the year	61.1	2012	5	467.2	2012	5
	74.5	2013	6	474.5	2013	6
	89	2014	7	483.5	2014	7
	107.9	2015	8	480	2015	8
	136	2016	9	482.2	2016	9
	177.9	2017	10	496.8	2017	10
	Amazon			Walmart
Amazon: 19.1;​ 24.5; 32.4;​ 48.1; 61.1;​ 74.5; 89.0;​ 107.9; 136.0; 177.9.	Revenue	Year	Time	Revenue	Year	Time
Walmart: 402.2;​ 406.1; 420.0;​ 445.0; 467.2;​ 474.5; 483.5;​ 480.0; 482.2; 496.8.	19.1	2008	1	402.2	2008	1
	24.5	2009	2	406.1	2009	2
Using the regression tool in Excel​ (with a constant​ term), in​ 2021	32.4	2010	3	420	2010	3
	48.1	2011	4	445	2011	4
​Amazon's stock price would be predicted to equal​ Walmart's stock price in approximately the year	61.1	2012	5	467.2	2012	5
	74.5	2013	6	474.5	2013	6
	89	2014	7	483.5	2014	7
	107.9	2015	8	480	2015	8
	136	2016	9	482.2	2016	9
	177.9	2017	10	496.8	2017	10

In early January 2010​, you purchased $24,000 worth of some​ high-grade corporate bonds. The bonds carried a coupon of 6.5 % and mature in 2024. You paid 96.086 when you bought the bonds. Over the five years from 2010through 2014​, the bonds were priced in the market as​ follows:

	Quoted Prices (% of $1,000 par value)
Year	Beginning of the Year	End of the Year	Average Holding Period Return on High-Grade Corporate Bonds
2010	96.086	102.673	7.30%
2011	102.673	104.365	11.72%
2012	104.365	107.129	-6.89%
2013	107.129	111.853	7.90%
2014	111.853	121.618	9.11%

Coupon payments were made on schedule throughout the​ 5-year period.

a. Find the annual holding period returns for 2010 through 2014. ​(See Chapter 5 for the HPR​ formula.)

b. Use the average return information in the given table to evaluate the investment performance of this bond. How do you think it stacks up against the​ market? Explain.

a. The holding period return for 2010 is ? %. ​(Round to two decimal​ places.)

The holding period return for 2011 is ?​%. ​(Round to two decimal​ places.)

The holding period return for 2012 is ?%. ​(Round to two decimal​ places.)

The holding period return for 2013 is ?​%. (Round to two decimal​ places.)

The holding period return for 2014 is ?%. ​(Round to two decimal​ places.)

b. Use the average return information in the given table to evaluate the investment performance of this bond. How do you think it stacks up against the​ market? Explain.  ​(Select the best choice​ below.)

a.The​ high-grade corporate bond investment has outperformed the market. The average rate of return for the investment is 11.10 ​% versus the average market rate of 5.83​%.

b. The market has outperformed the corporate bond investment. The average rate of return for the investment is 5.83% versus the average market rate of 11.10​%

Kenneth, a Malaysian citizen was operating a restaurant in Japan since 1998. During

the period 1998 to 2006, Kenneth was never in Malaysia. Since 2007, Kenneth have

been returning to Malaysia frequently to attend to some family affairs and it was established that Kenneth was a Malaysian tax resident for the basis years 2007 to 2009.

In 2014, Kenneth sold his restaurant in Japan. He was recruited into the Malaysian Civil Service at the Ministry of Foreign Affairs from 01 November 2013. He was posted to the Malaysian Embassy in Tokyo from 01 December 2013.

Kenneth left for Tokyo on 29 November 2013 and reported for duty on 01 December 2013. Since then Kenneth has never been back to Malaysia.

Below are the patterns of Kenneth’s duration of stay in Malaysia since 2010:

01 March 2010 to 31 March 2010

01 May 2011 to 31 January 2012

01 April 2013 to 15 May 2013

01 October 2013 to 28 November 2013

During the period Kenneth was not in Malaysia, he was in Japan.

Required:

For the purposes of Malaysian income tax, determine Kenneth’s residence status for the basis years 2010 to 2014.

Support your answers with reasons and citing the relevant provision of the Income Tax Act 1967 that is applicable for a particular year of assessment and also explain why certain sub-sections of section 7(1) are not applicable for any particular year of assessment.

P/S : THE ANSWER WILL BE IN TABLE . EXAMPLE WILL BE IN THE BELOW . THANK YOU~

Year	Total days present in Malaysia	Status RESIDENT OR NON RESIDENT	Section Section 7(1)(A),Section 7(1)(B), Section 7(1)(C)	Explanation
2014	181 Days	Non resident	Section 7(1)(A)	Renuka is not considered as the resident of Malaysia for tax purposes as she had lived in Malaysia for 181 days only in 2014.

THANK YOU SO MUCH FOR YOUR HELP .

Add a copy constructor for the linked list implementation below. Upload list.cpp with your code added. (DO NOT MODIFY THE HEADER FILE OR TEST FILE. only modify the list.cpp)

/*LIST.CPP : */

#include "list.h"

using namespace std;

// Node class implemenation

template <typename T>
Node<T>::Node(T element) { // Constructor
   data = element;
   previous = nullptr;
   next = nullptr;
}

// List implementation

template <typename T>
List<T>::List() {
   head = nullptr;
   tail = nullptr;
}

template <typename T>
List<T>::List(const List& rhs) // Copy constructor - homework
{
   // Your code here
  
}

template <typename T>
List<T>::~List() { // Destructor
   for(Node<T>* n = head; n != nullptr; n = n->next) {
       delete n;
   }

}

template <typename T>
void List<T>::push_back(T element) {
   Node<T>* new_node = new Node<T>(element);
   if (tail == nullptr) { // Empty list
       head = new_node;
       tail = new_node;
   } else {
       new_node->previous = tail;
       tail->next = new_node;
       tail = new_node;
}
}

template <typename T>
void List<T>::insert(Iterator<T> iter, T element) {
   if (iter.position == nullptr) {
       push_back(element);
       return;
   }

   Node<T>* after = iter.position;
   Node<T>* before = after->previous;
   Node<T>* new_node = new Node<T>(element);
   new_node->previous = before;
   new_node->next = after;
   after->previous = new_node;
   if (before == nullptr) {
       head = new_node;
   } else {
       before->next = new_node;
   }
}

template <typename T>
Iterator<T> List<T>::erase(Iterator<T> iter) {
   Node<T>* remove = iter.position;
   Node<T>* before = remove->previous;
   Node<T>* after = remove->next;
   if (remove == head) {
       head = after;
   } else {
       before->next = after;
   }
   if (remove == tail) {
       tail = before;
   } else {
       after->previous = before;
   }
   delete remove;
   Iterator<T> r;
   r.position = after;
   r.container = this;
   return r;
}

template <typename T>
Iterator<T> List<T>::begin() {
   Iterator<T> iter;
   iter.position = head;
   iter.container = this;
   return iter;
}

template <typename T>
Iterator<T> List<T>::end() {
   Iterator<T> iter;
   iter.position = nullptr;
   iter.container = this;
   return iter;
}

// Iterator implementation

template <typename T>
Iterator<T>::Iterator() {
   position = nullptr;
   container = nullptr;
}

template <typename T>
T Iterator<T>::get() const {
   return position->data;
}

template <typename T>
void Iterator<T>::next() {
   position = position->next;
}

template <typename T>
void Iterator<T>::previous() {
   if (position == nullptr) {
       position = container->tail;
   } else {
       position = position->previous;
   }
}

template <typename T>
bool Iterator<T>::equals(Iterator<T> other) const {
return position == other.position;
}


/*LIST.H :*/

// Doubly linked list
#ifndef LIST_H
#define LIST_H

template<typename T> class List;
template<typename T> class Iterator;

template <typename T>
class Node {
   public:
       Node(T element);
   private:
       T data;
       Node* previous;
       Node* next;
   friend class List<T>;
   friend class Iterator<T>;
};

template <typename T>
class List {
   public:
       List(); // Constructor
       List(const List& rhs); // Copy constructor - Homework
       ~List(); // Destructor
       void push_back(T element); // Inserts to back of list
       void insert(Iterator<T> iter, T element); // Insert after location pointed by iter
       Iterator<T> erase(Iterator<T> iter); // Delete from location pointed by iter
       Iterator<T> begin(); // Point to beginning of list
       Iterator<T> end(); // Point to past end of list
   private:
       Node<T>* head;
       Node<T>* tail;
   friend class Iterator<T>;
};

template <typename T>
class Iterator {
   public:
       Iterator();
       T get() const; // Get value pointed to by iterator
       void next(); // Advance iterator forward
       void previous(); // Advance iterator backward
       bool equals(Iterator<T> other) const; // Compare values pointed to by two iterators
   private:
       Node<T>* position; // Node pointed to by iterator
       List<T>* container; // List the iterator is used to iterattoe
   friend class List<T>;
};

#endif

/*LIST TEST.CPP*/

// Test for templated linked list impementation
#include <iostream>
#include "list.h"
#include "list.cpp"
using namespace std;

int main() {
   List<string> planets;
   planets.push_back("Mercury");
   planets.push_back("Venus");
   planets.push_back("Earth");
   planets.push_back("Mars");

   for (auto p = planets.begin(); !p.equals(planets.end()); p.next())
       cout << p.get() << " ";
   cout << endl;

   // Test erase
   auto p = planets.begin();
   // Erase earth
   p.next(); p.next();
   auto it = planets.erase(p);
   cout << "Next in list: " << it.get() << endl;

   // Test copy constructor - homework
   List<string> planetsCopy(planets);
   // Insert Earth into copy
   p = planetsCopy.begin();
   p.next();
   planetsCopy.insert(p, "Earth");
  
   // Print copied list - Should print: Mercury Earth Venus Mars
   for (auto p = planetsCopy.begin(); !p.equals(planetsCopy.end()); p.next())
       cout << p.get() << " ";
   cout << endl;

   // Print original list - Should print: Mercury Venus Mars
   for (auto p = planets.begin(); !p.equals(planets.end()); p.next())
       cout << p.get() << " ";
   cout << endl;

}

Protek Ltd, a masks distributor company, provides the following trial balance for the year ended 30 June 2020:

Protek Ltd

Trial balance as at 30 June 2020

Debit ($)

Credit ($)

Sales of N97 surgical masks

2,151,670

Sales of 4-ply masks

3,120,850

Sales of masks filters

3,288,426

Cost of goods sold

4,688,000

Rental expenses

375,950

Salaries and wages

1,980,000

Administration expenses

128,450

Annual leave expense

98,510

Doubtful debts expense

158,000

Depreciation expense

376,000

Amortisation expense - patent

56,900

Interest expense

22,500

Interest income

8,200

Selling expenses

66,800

Income tax expense

228,600

Cash on hand

53,000

Cash management account

230,000

Trade debtors

478,600

Allowance for doubtful debts

19,144

Inventories

455,040

Land   

760,000

Motor vehicles

630,000

Accumulated depreciation - motor vehicles

252,000

Office equipment

620,000

Accumulated depreciation - office equipment

124,000

Patent (5 years)

569,000

Accumulated amortisation - patent

56,900

Deferred tax asset

28,500

Deferred tax liability

125,000

Bank loan

450,000

Trade creditors

182,560

Provision for annual leave

43,000

Current tax liability

132,100

Retained earnings, 1 July 2019

70,000

Dividends paid

20,000

Share capital

2,000,000

12,023,850

12,023,850

Additional information:

Protek Ltd is a reporting entity in accordance with the requirements of Australian’s Conceptual Framework.

The bank loan is repayable in 3 years.

The depreciation expense of $376,000 relates to motor vehicles and office equipment amounted to $252,000 and $124,000 respectively.

60% of the provision for annual leave are expected to be payable within 1 year and the remaining is payable after 1 year.

The patent was acquired on 1 January 2020. It represents fees paid to Teknova Group, a manufacturer company based in China. Protek Ltd is given the sole distributorship in Australia to sell the new high quality mask, N97, designed for first line workers in the health industry. The patent lasts for 5 years.

There was no new shares issued during the financial year ending 30 June 2020.

Protek Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by function on the statement.

The following expenses are allocated to administrative expenses and distribution costs for the purposes of preparation of the statement of profit or loss and other comprehensive income:

Administrative expenses

Distribution costs

Rental expenses

40%

60%

Salaries and wages

50%

50%

Administration expenses

100%

-

Annual leave expense

50%

50%

Doubtful debts expense

-

100%

Depreciation expense – motor vehicles

10%

90%

Depreciation expense – office equipment

80%

20%

Amortisation expense - patent

100%

-

Selling expenses

-

100%

In relation to the statement of financial position, where AASB 101 requires entities to disclose further sub-classifications of the minimum line items on the face of the statement or in the notes, the directors of Protek Ltd want to report only the minimum line items on the face of the statement, and leave the sub-classifications to be disclosed in the notes.

Part A

As the accountant for the entity, prepare the following statements of Protek Ltd the year ended 30 June 2020 in accordance with AASB101:

Statement of profit or loss and other comprehensive income;

Statement of financial position; and

Statement of changes in equity.

In preparing the above statements, you should use the line items that a listed company is likely to use and refer to paragraphs 54, 82, 82A and 106 of AASB 101 in determining the line items to be presented. Show all workings to support your figures presented in the statements. Disclosure notes and comparative figures are not required.

  

Note: In preparing the statements for Part A, you should consider only information given in this part and ignore information given in Part B below.

Part B

The following events occurred after the preparation of statements was completed in Part A above.

Event 1

The directors have asked you to review the doubtful debts allowance due to the high level of bad debts expense that occurred during the year. The allowance is currently measured based on 4% of trade debtors’ balances following the advice of Jane, who is one of the directors. After reviewing industry averages, you have advised the directors that the allowances should be revised to 8% of the trade debtors’ balances and the directors agreed to your proposal and adopt the new basis from 1 July 2019. This change is considered material in Protek Ltd’s case.

Required:

State if the above situation would constitute a change in accounting policy or a change in accounting estimate. Explain and support your answers by making reference to relevant paragraphs in AASB108.

Prepare necessary adjusting entries and/or notes disclosures required to account for the change in the doubtful debt allowance for the year ended 30 June 2020.

Event 2

Protek Ltd stored its masks in rented warehouses located in several locations. One of the warehouses in Orange was destroyed by bushfires on 29 July 2020. From the accounting records, there were 8,000 boxes of N95 masks stored in that warehouse, with cost of inventories valued at $120,000. Unfortunately, there was no insurance policy acquired to cover this loss and the loss is considered material for Protek Ltd.

The financial statements for the year ended 30 June 2020 were authorised for issue by the directors on 28 August 2020.

Required:

Classify the above event as either an adjusting or non-adjusting event after the end of the reporting period. Justify your answer by making reference to AASB110.

Consistent with your answer to (i) above, prepare any journal entries and/or note disclosures required to comply with the requirements of AASB110.