4a) Explain how the following transactions would be recorded in the financial statements of a company with a financial year ended 31 March 2022: (12 marks) i. There is a tax liability of 70,000 in respect of its profit for the year of 400,000 ii. iii. iv. V. A final dividend payment of 60,000 was authorised at a meeting held by the Directors on the 1 March 2022. A factory in use in the reporting period and valued at 250,000 was completely destroyed by fire on the 5 April 2022. You are to assume going concern. Property with a historic cost of 250,000 was revalued at 400,000 at the end of the financial year. Closing inventory valued at the year end at 78,000 had a resale value of 65,000. The Company issued 80,000 ordinary shares of 0.50p each for 2 per share on the 1 January 2022. The following entry was recorded in the Company's ledgers: Cash at bank Share capital Debit Credit 160,000 160,000