1 1+12+2=15 marks) The following accounts for the financial period ending 30 June 2022 have been provided by Happy Pets, a wholesale of pet food products: Required: i. How much is profit (Loss) for the period? ii. Prepare the balance sheet as at 30 June 2022 (use the below format). Happy Pets Balance Sheet, 30 June 2022 Amount Account Balances as at 30 June 2022 Cash at Bank Accounts Receivable Inventory as at 30 June 2022 Motor Vehicles at cost Plant & Equipment at cost $ 53,200 40,900 149,200 145,000 86,400 Accumulated Depreciation: Motor Vehicles 38,200 Accumulated Depreciation: Plant & Equipment 1,290 Accounts Payable 45,400 Bank Loan ($5,000 payable by 1 January 2023) Capital at 1 July 2021 67,000 294,210 Drawings 40,000 Sales 726,000 GST Payable 25,400 Cost of Goods Sold 369,200 Prepaid rent 600 Office & Administration expenses 7,800 Advertising expenses 19,200 Accounting fees 4,000 Insurance expenses 11,000 Electricity expenses Motor Vehicle expenses Staff Salaries Telephone & internet expenses 14,800 8,600 163,000 9,000 Rent expenses 57,600 Computer equipment at cost 23,000 Accumulated depreciation: computer equipment 5,000 Additional information The following items are the incurred expenses not recorded by 30 June 2022: Electricity expense is $2,000. Plant & Equipment is depreciated using the straight-line method. The useful life is 6 years and the residual value at the end of the useful life is $8,640. Motor Vehicles are depreciated using the straight-line method. The useful life is 5 years and there is no residual value. Computer equipment is depreciated at 30% reducing balance. Ignore PAYG and Income Tax. $ iii. Ms Kumar, the accountant of Happy Pets, estimates that at 30 June 2022 the net realisable value of Inventory is $130,000. Should the value of inventory in the balance sheet be changed? Explain your