answer the full question

Question 1 ARC Phe LAd is a company incorporated in Singpore and adopts the Singapore Financial Reporting Standards (FRSs). It is in the retail business of selling expensive wooden furniture. Unless otherwise indicated, joumal entries are uscually made as and when transactions occur. 31 December is the company's year-end. The company's trial balance as at 1 December 203 are as follows. Additional information given as follows to be read in conjunction with the trial balance printed on 1 December 203 provided above (1) The company operates from a rented premise. The company paid $192,000 to its landlord on 1 September 202 for a two-year lease for the premise, with the lease commencing on the same date. (2) On 1 April 20X3, the company paid $2,400 to purchase a one-year fire insurance for the rented premise, commencing on the same date. The accounts clerk forgot to enter this transaction. (3) On 1 July 20X3, the company issued $200,000 of 4\%, 5-year bonds at par. Interest payment occurs twice yearly on 1 July and 1 January, with the first interest payment to be made on 1 January 20X4. (4) On 23 December 203, a cash amount of $23,000 was received from a customer on an outstanding account. (5) During the Annual General Meeting held on 2 December 20X3, the shareholders approved the proposal by the board of directors for dividends of $60,000 to be paid to shareholders in Jamuary 20X4. (6) On 28 December 20X3, the company made a cash purchase of $73,000 of inventory. The company adopts the perpetual inventory system. (7) On 29 December 203, a customer paid for 20% of an item to be delivered in January 20X4. The item was selling at $3,000. (8) The investment in XYZ Ltd was treated as fair value through profit and loss under FRS 109 Financial Instruments. The company has no intention to hold the investment for more than 12 months. On 31 December 20X3, the fair value of the investment was $180,000. Required: For the following, please show all workings clearly to get fill credit. (a) Analysing the above information, apply and illustrate accrual accounting concepts and prepare all necessary and adjusting joumal entries (journal narratives required) based on the additional data provided in points (1) to ( 8 ) above to aid in the preparation of the financial statements for the financial year ending 31 December 203. (22 marks) (b) After making all the necessary adjusting entries, present (i) The statement of comprehensive income, in a one-statement format, for ARC Ple Lid for the financial year ending 31 December 203. (9 marks) (ii) The statement of changes in equity for ARC Ple Ld for the fimancial year ending 31 December 203 (9 maks) (iii) The statement of fimancial position for ARC Ple Lid as at 31 December 203 (12 maks)