Crocodiles Galore is a family-owned and operated wildlife park located in Queensland. AnimalLand houses more than 150 different animal species, some of which are on loan from overseas animal parks. Crocodiles Galore has two divisions for selling merchandise: a retail operation that sells food, beverages, shirts, souvenirs and other novelties to visitors within the park, and a wholesale operation that sells toys to department stores. The following management figures are relevant for the year ended 30 June 2020:

$

Total Assets

69,120,000

Total Current Assets

34,560,000

Inventories

28,800,000

Net Assets

51,840,000

Profit after Income Tax

9,792,000

The company tax rate is 30 per cent.

During the conduct of the audit, the following items of interest were noted by the audit team:

(i) Due to an electrical contractor accidentally drilling through a power cable, all invoices for items sold through Crocodiles Galore's wholesale operations on 22 and 23 June had to be manually prepared. Many of the manual invoices from this period omitted (left out) some of the items that were sold to department stores. The total value of the omitted items was $30 666.

(ii) Crocodiles Galore lodged its tax return late and received a substantial fine. Payment of the fine was not made by the required date and a liability for the amount has not been recorded. The fine was $300,000.

(iii) Some of the toy crocodile products distributed to department stores by Crocodiles Galore's wholesale operations were incorrectly priced due to a special one-off 'Crocodile Creature Month' discount not being reflected in the price the department stores were charged. These incorrect sales were made on 23 June 2020. The total misstatement arising from the incorrect sales was $14 261.

(iv) A number of senior executives flew to an animal conference in Melbourne. From the airport, they

hired cars and parked outside the hotel for three nights, ignoring 'No parking' signs. The resulting parking fines were charged against Crocodiles Galore's meals and entertainment account. The parking fines, totalling $1053, were all due before 30 June 2020.

Required

For each of the individual misstatements listed, explain whether the item should be reported to

management or is clearly trivial. Explain your answers.