(b) On 31 March 2022, a fire destroyed a part of the building and some inventory items in the stores of Hamilton Deliveries Ltd in Huntley. This information was received by the directors in Head Office after 3 days. The building was insured for the current year, however, the insurance cover for inventory items has not been renewed for the current year due to an oversight by the management. Therefore, the insurance company agrees to pay for the full building damage of $45,000 and it was paid on 1 May 2022. The inventory damage has been estimated as $7,500. The company is following perpetual inventory system. Required Classify the above event on 31 March 2022 as either an adjusting or a non-adjusting event after the end of the reporting period. Justify your classification using the criteria in NZ IAS 10. Prepare the necessary journal entries (if required) on 31 March 2022 or note disclosures to comply with the requirements of NZ IAS 10 (if any). (7 marks) Answer Journal Entries on 31 March 2022 (if required) Particulars Dr ($) CR ($)