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Venture Limited borrowed $32,000,000 from the bank at an effective interest rate of 10%
to construct a qualifying asset. The loan was received in full on 1 January 2019 and half
on the money invested on that date at 7% interest.
Construction of the asset commenced on 1 April 2019 and worked was suspended for the
months of September and October 2019. The asset was completed and ready for use on 31
December 2019.
REQUIRED: Show the extracts from the Statement of Comprehensive Income and the
Statement of Financial Position to record the information above.
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