Exercise 1. Abdul Abdul prepares the accounts of his business to 31st December each year. On 1st November 2019, the business moved premises and agreed a new rent of 24,000 per annum. Required: (a) Show the amount that would be included i. as an expense in the Income Statement for the year ended 31st December 2020; ii. and the prepayment or accrual that would be included in the Statement of Financial Position at 31st December 2020 if rent is paid quarterly in advance beginning on 1st November 2019. (b) Show the amount that would be included i. as an expense in the Income Statement for the year ended 31st December 2020; ii. and the prepayment or accrual that would be included in the Statement of Financial Position at 31st December 2020 if rent is paid quarterly in arrears, the first payment being made on 31st January 2020