4. Winsor Corp. received a grant from the government of £160,000 to acquire £800,000 of delivery equipment on January 2, 2018. The delivery equipment has a useful life of 4 years. Winsor Corp. uses the straight-line method of depreciation. The delivery equipment has a zero residual value. If Winsor Corp. reports the grant as a reduction of the asset, what is the amount of depreciation expense related to the delivery equipment in 2019?

7. On December 10, 2018, after issuance of its financial statements for 2018, House Company entered into a financing agreement with Lebo Bank, allowing House Company to borrow up to €1,000,000 at any time through 2021. Amounts borrowed under the agreement bear interest at 2% above the bank's prime interest rate and mature two years from the date of loan. House Company presently has €1,500,000 of notes payable with First National Bank maturing March 15, 2019. The agreement with Lebo also requires House to maintain a working capital level of €6,000,000 and prohibits the payment of dividends on ordinary shares without prior approval by Lebo Bank. From the above information only, what is the total short-term debt of House Company as of the December 31, 2018 statement of financial position date?

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