Recognition principles  LO2, 3 Sonia Goodall is a newly appointed director of Proserpine Ltd, a listed company that organises major sporting events. Sonia has provided consultancy services to Proserpine Ltd for the past 10 years. In the most recent financial year these services amounted to $500 000. Required Determine whether the consultancy service provided by Sonia is a related party transaction that should be disclosed in the financial statements of Proserpine Ltd. Explain your answer.