(Current Purchasing Power Accounting. A Normative Accounting Theory) Financial statements in historical cost of Steven Ltd are shown as follows: Sales Statement of financial performance for year ended 31 December 2022 1,650,000 Less Cost of goods sold 1,285,000 Gross profit 365,000 Less Operating expenses 156,000- Depreciation 201,600 45,600- Net profit 163,400 Statement of financial position at the end of financial year 31-Dec 2021 31-Dec 2022 Assets Current assets Cash Accounts receivable Inventory 150,000 317,000 175,000 350,000 165,000 210,000 Non-current assets Equipment (net of 870,000 824,400 depreciation) Total assets 1.360.000 1.701.400 Liabilities Current liabilities Accounts payable 170,000 348,000 Shareholders' equity Share capital 450,000 450,000 Retained profit 740,000 903,400 Total liabilities and equity 1360.000 1.701.400 Additional Information: (i) The index of general price changes rose steadily from 200 on 1 January 2021 to 220 on 31 December 2022. (ii) Inventory shown in the statement of financial position of 31 December 2021 was acquired when the price level index was 200. (iii) Equipment shown in the statement of financial position of 31 December 2021 was acquired when the price level index was 200. (iv) Revenues and expenses during the year ended 31 December 2022 occurred at an average price level index of 215. (v) Inventory shown in the statement of financial position at 31 December 2022 was acquired at price level of 220. Required:++ (1) Prepare Current Purchasing Power (CPP) financial statements for Steven Ltd for the year ended 31 December 2022. (20 marks) (2) Critically evaluate historical cost accounting system. (10 marks)