Additional information: 1. It is the organizational policy that the life membership assumes for 15 years. 2. Provide depreciation for equipment and furniture on the straight-line basis. Their useful lives assume 8 years and residual value at the end of the useful lives will be $40,000 each. 3. Wages and salaries of $24,400 have not yet paid as at December 31, 2021. 4. Subscription fees of $34,000 for the next financial year have been received in advance at December 31, 2021. Required: (a) For the year ended December 31, 2021, prepare the (i) Refreshment Profit And Loss Account. (ii) (b) Prepare the Balance Sheet as at December 31, 2021. Income And Expenditure Account. - P&L Account (3.5 marks) (14 marks) (12.5 marks) Question 2 (30 marks) Riverside Country Club has the following transactions for the year ended December 31, 2021. Advertising And Promotion Cash And Bank Donations Received For The Year Equipment At Cost Furniture At Cost Life Membership Fees Received For The Year Lighting And Heating Refreshment Purchases Refreshment Takings Rent And Rates Wages And Salaries Subscription Fees Received For The Year Creditors For Refreshment Supplies Refreshment Stock As At January 1, 2021 Refreshment Stock As At December 31, 2021 Accumulated Depreciation - Equipment As At January 1, 2021 Accumulated Depreciation - Furniture As At January 1, 2021 Accumulated Fund As At January 1, 2021 (S) 105,500 98,900 32,000 360,000 260,000 420,000 26,300 185,000 300,000 36,000 321,800 462,000 22,500 25,000 45,000 30,000 20,000 132,000