(b) In the following situations explain the accounting treatment in relation to the preparation of financial statements as at 31st December 2019 for Company Win accordance with UK and international accounting standards: 1. Company W is a major retailer on the UK Highstreet. It offers a returns policy of 10 days where customers can return items purchased and receive a full refund if they change their mind. The estimated cost of annual returns is 6 million. There is no legal obligation for the company to accept returns and issue refunds in situations where items sold are fit for purpose but Company W has a widely published returns policy and reputation for doing so. 2. Company W's store in Princes Street in Edinburgh receives a major refurbishment every five years to ensure cutting edge design and decoration in line with the company image. It is estimated that the cost of refurbishment will be approximately 9 million