1. On 18 July 2022, the release of a far superior and cheaper product by a competitor caused a major decline in demand for Monty Ltds Product X. In an effort to sell remaining stock of the product, Monty Ltd has reduced its selling price to 50% of cost. Inventories on hand at 30 June 2022 were recorded at their cost of $400 000. Required:Provide the adjustment journal entry as at 30 June 2022. 2. Andy Ltd has 200,000 ordinary shares on issue at 1 July 2019, which is the beginning of its reporting period. On 1 March 2020, it issued a further 100,000 ordinary shares for cash. Required: What is the weighted average number of shares for use in the earnings per share calculation for the year ended 30 June 2020? Provide workings.