8 X Limited has total trade receivables of $ 30,000,000. The trade receivables do not have a significant financing component. The loss allowance recognised at the end of the previous year was $ 500,000. X Limited has constructed the following provision matrix to calculate expected lifetime losses of trade receivables. Current 0.3% Number of days past due (overdue) More 1 to 30 31 to 60 61 to 90 than 90 1.6% 3.6% 6.6% 10.6% Default rate Required: Calculate the lifetime expected credit loss, show the necessary double entry to record the loss and state the amounts to be recognised in the statement of financial position