a. At year-end, January 31, 2022, Zain, the accountant for a new company, All Things Manicured Lawn & Gardens prepares financial statements but neglects to prepare the adjustments for the depreciation on its riding lawn mowers and edging equipment. The business opened February 1, 2021, and all the equipment was purchased on May 1, 2021. The net income for the year as calculated by Zain (before adjusting for depreciation) is $89,000. The total assets are $120,000. b. The riding lawn mowers and edging equipment belong in the same asset class with the maximum allowance depreciation rate of 30%. The total purchase cost of all the equipment was $24,000. The equipment is expected to last 7 years. At the end of 7 years, the expected salvage value is $4,000. c. a. Explain to Zain what depreciation is and why he should consider adjusting for the depreciation on the lawn mowers and edging equipment. Be concise, no more than 6 sentences. Make sure to underline key terminology. d. b. Which accounting principle would Zain be conforming to if he adjusts for depreciation? e. c. Help Zain determine whether he should adjust for the depreciation by calculating the depreciation on the assets for the first year of business operations. Since the Canada Revenue Agency uses declining balance for income tax purposes, use the declining balance method and the maximum allowable rate. The business purchased the assets partway through the year; therefore, the business would need to use the Half-Year rule as outlined by the CRA. Show your work including any equations. f. d. Assuming Zain adjusts for depreciation, what are the correct figures for net income and total assets? Show your work. g. e. Assuming Zain adjusts for depreciation, can Zain directly reduce the Fixed Asset "Equipment"? Explain and provide any necessary journal entry(ies)