_{1. State all the qualitative characteristics of the financial reports (including fundamental and enhancing both). (300-400 words) [10 Marks] 2. What do the following terms mean? (400-500 words) [10 Marks] (i) Limited liability (ii) Legal entity (iii) Asset (iv) Equity (v) Mutual agency 3. Sam owns a small sole business with the name Wreckers Pvt Ltd in the year 2017. He invested 100,000 dollars as an initial investment into his business. In the year ended 30 June 2018, his business made a sales revenue of 280,000 dollars with an associated cost of sales of 100,000 dollars. He also does the following expenses in dollars: Salaries expense= $60,000, administrative expense=$2,000, rent expense =$12000, electrity and utilities expense= $3000, insurance expence= $2000 and interest expense = $1000. Please provide the profit and loss statement for Wreckers Pvt Ltd for the year ended 30 June 2018. (200-300 words) [5 marks]}