(a) What are the objectives of financial reporting? [5 marks] (b) Shannen runs cookies and snack house business called 'Coffee So Good'. She purchased $600,000 worth of coffee machines sets for her business and 2 state of the art coffee machines her sisters as gifts which cost $100,000. Shannen is wondering if she could record all his purchases in her company's books and hopes not to violate any accounting concepts. Required: Identify the applicable relevant accounting concept and explain your answer. In your answer explain to Shannen what she should do with his purchases. [10 marks] (c) Shannen Lid manages a coffee house specializing in unique premium coffee beans mainly for export sales. The following are selected transactions of Shannen Lid for the month of April 2020. 1. Shannen Lid sold $530,000 worth of coffee beans to a customer in Perth called Coffee Culture Lid on credit. 2. The business paid employee wages amounting to $50,000 by cheque. 3. Owner Shannen travelled for meeting her clients in Brisbane. The cost of air tickets and accommodation was $10,000 paid by cash. 4. Shannen Lid launched a new marketing and promotional campaign for its new tea leaves and this was paid by cash $42,000. 5. Shannen Lid brought her own furniture and fittings and transferred it to the business name. The furniture and fittings were transferred at $180,000. Required: Prepare journal entries to record the above selected transactions. [10 marks]