answer for Part (b): One (1) paragraph, 150 relevant words Nords BACKGROUND Eastfield Group Ltd (EGL) plans to issue 10 million $1.00 preference shares. To attract investors, the rights attached to the preference share issue include an annual cumulative dividend of 3%. The shares are redeemable for cash after three (3) years at the discretion of the shareholders. John Brown, the EGL Chief Executive Officer, is a chartered accountant and member of Chartered Accountant Australia and New Zealand. John is of the opinion the preference shares should be classified as equity in EGL's financial statements because this accounting treatment would faithfully represent the legal status of these preference shares and ensure EGL continues to satisfy the bank's debt covenant ratios." Required: Using two (2) paragraphs, prepare a written response to the following question, Explain to what extent you agree with John Brown's opinion regarding his preferred classification of the preference shares in EGL's financial statements from: (a) Firstly, an ethical perspective. Include one (1) ethical principle from APES 110: Code of Ethics for Professional Accountants and explain why it would be at risk (8 marks); and secondly (b) The requirements of AASB 132: Financial Instruments: Presentation and AASB 9: Financial Instruments. Include one (1) supporting example (8 marks). Paragraph references from APES 110, AASB 132 and AASB 9 are not required in your