For each transaction, note down the accounting policies that have been violated and the effects on its financial statements. Based on those, provide correct calculations and journal entries for eac Furniture and Fixtures

When the company first started in $2018,$ it purchased furniture and fixtures

for $$650,000.$ At the time of purchase, it was estimated that the furniture

and fixtures would have a useful life of $20$ years but no residual value.

The company uses the straight$-$line method for depreciation. Harry is known

for making changes to the company's policy. Harry did not think that the

existing furniture and fixtures were consistent with the company's brand and

image. In $2021,$ Harry directed Meg to amend the useful life to $8$ years using

double$-$declining balance method. He also instructed Meg to revalue the

furniture and fixtures to $$200,000$ in $2021.$ Prior to this, the furniture and

fixtures were recorded at historical cost. No impairment was ever done even

though there were signs of physical damage to the furniture and fixtures in

recent year $2021.$

Investment

At the end of fiscal year December $31,2020,$ the company had excess cash.

The board of directors decided that the company should hold the funds until

the right business opportunity appeared rather than to pay off its loan given

that the cost of borrowing was so low.

The board of directors directed management to invest the excess funds in a

diversified portfolio. The following table provides information about these

investments:h transaction in compliance with IFRS. Include your assumptions in the calculations$/$journal entries. Submit in ONE excel file $($one tab file for each topic$)$