1 (10 MARKS) Mikes Music Inc. (MMI) is located in Edmonton, Alberta, and reports its financial information using IFRS. You were recently hired as the companys chief accountant to fill a long- standing vacancy. Your review of the accounting records for the year ended December 31, 20X4, has uncovered the following transactions: 1. MMI renewed the commercial and business insurance policy in August 20X4 for the year commencing September 1, 20X4. The company recorded the $25,500 payment as a prepaid expense. 2. The company rents instruments to schools and has contracts with customers in the school rental program that run for the full academic year (September to June). Customers pay the yearly fee