ACC 315 Assignment 2 The trail balance of Al Faris Company at 31 December 2022 is given below: The following is to be considered: 1.Land that cost $15,000 is to be revalued $33,000. Ignore deferred tax on the revaluation. 2. The balance on the income tax account represents an over provision of tax for the previous year. 3.Income tax for the current year is estimated to be\$9,000. The deferred tax provision is to be increased to $25,800. 4.Closing inventory is valued at $48,000 at cost for the year. Included in this amount is inventory that cost $24,000 but during the inventory count it was identified that these goods have become damaged and a as a result the selling price was reduced. The goods are now believed to have selling price of $13,500 after incurring rectification costs of $1,500