British Columbia Corporation, (BCC), a privately held company with several widely traded bond issues and a December 31 year end had the following items pertaining to its 2020 year end. Assume all amounts provided are material to the operations of BCC. Question #1 Required: Explain, following each event, and with supporting computations and enabling accounting entries, if applicable, how each of the above items would be handled in the financial statements for the year ended December 31, 2020 (recorded entry and/or note disclosure or neither). Ignore income taxes. Round to nearest dollar; no cents. Preamble: Because BCC holds 'widely traded bond issues', it is, by definition, a publically accountable enterprise and any accounting treatments must be consistent with IFRS guidance. 1. A purchase order is outstanding for $60,000 of raw materials acquired on a regular basis and to be delivered early in 2021. 2. BCC was near completion at year end of intense labour negotiations with several unions. The Controller determined that, if ratified, future salary and benefits would approximate $3,000,000 annually. The tentative agreement also included a retroactive settlement of $800,000 for those employees with prior service between 2014 and 2019. The labour agreement was ratified on January 20, 2021 while the December 31, 2020 year end accounts were still under audit by PWC. 3. BCC guaranteed a $500,000 loan taken out by one of its smaller suppliers, Vancouver Machining Co. as a measure to ensure a continued supply of key components. 4. An employment contract with the Chief Executive Officer (CEO), requires potential bonuses be paid to a maximum of $100,000 in each of the next three years (2021 - 2023) if predefined operating results and liquidity targets are met. 5. Equipment was installed in December, 2020 for invoice price of $250,000 + 5% GST. BCC has made properly recorded advance instalment payments to the supplier during the year totalling $150,000 but has not yet received the final invoice from the equipment supplier. Hint: Before preparing the asset acquisition entry, what must have been the treatment of the advance payments