b) Discuss briefly, with reference to the definitions of the elements of financial statements as set out in the IFRS Conceptual Framework underlying Financial Reporting, whether each of the following items would lead to the recognition of assets, liabilities, both or neither. Students should answer the "why" and the when where appropriate. i. A small business owner purchases a laptop for his family and home use. He paid for the laptop using a company cheque and recorded the purchase in the business Computer Equipment account. (3 marks) ii. A logging company has a published policy (which is always restated in its Annual Report and marketing brochures) of always replanting trees where it has logged. It has not planted trees for the past five years. (3 marks) ii. A small regional airline in northern Alberta collects 80% the price of a ticket from its customers in full in advance of flights. The remainder is collected two weeks before the flight. The airline collected $15,000 from customers in December 2020 for flights that will happen in April 2021. The Airline's year end is March 31, 2020. The remaining $3,750 will be received in April. (4 marks)