Dear students,In today's class, we will play Monopoly! Here are the rules:You need to form groups of $3-4$ people.Your company is a U$.$S$.-$based company interested in investing in properties in London. Each team will start with an initial capital of US$$1,500.$ You will conduct all transactions in GBP $()$ but record them in USD $($$$).$ The British Bank from which you purchase property and receive Pass$-$Go income holds both $ and $,$ but conducts all transactions in $.$ The spot exchange rate in effect at the beginning of the game will change in the middle of the game, and again at the end of the game.To avoid the need for constant money exchanges and to introduce foreign exchange risk, you will conduct all transactions on credit. In other words, you will create accounts payable and accounts receivable for property purchases, Pass$-$Go income, and rents. As a result, the Bank will hold an Account Payable and an Account Receivable from each team. Each team will have an Account Payable and an Account Receivable with the Bank and with the other team for rents exchanged between the teams.REQUIREMENTS:$1.$ Each team will prepare a journal entry in proper form to record each economic transaction, using accrual accounting. Each team will play for at least $10$ rounds$\mathrm{.}2.[10$ points$]$ Each team will prepare an Excel file that must include: $($i$)$ all the journal entries; $($ii$)$ the Income Statement; and $($iii$)$ the Balance Sheet. It is due on Monday $($May $6$th$)$ at $11$:$59$ PM$.$ The statements need to look professional, just like in a $10$K$.$ I need to be able to verify all the information provided.