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2. Prepare an Income and Expenditure account for the General Fund of Macro Court with the information given below. Please give explanation(s) to the variation of the expenditure items with the increment of 5% or more comparing with last year's budget. (Variance should be rounded up to 2 decimal place.) ( 31 marks) A. Financial status for the period of 1 September 2019 to 31 August 2020: B. Financial status for the period of 1 September 2020 to 31 August 2021: i. Income items: - Contribution to the General Fund: $1,000 per month more than last year - Management fee: $1,500 per month more than last year - Clubhouse income: 5% more than last year - Interest income: 3% less than last year ii. Expenditure items: - Cleaning contract: 1 December 2019-30 November 2020: $41,000 per month 1 December 2020 - 30 November 2021: $43,000 per month - Club expenses: $500 per month more than last year with more activities and events will be held - Depreciation: 1% less than last year - New Equipment: 2% less than last year - Repairs and Maintenance: Routine maintenance fees $60,000 per month + enhancement of building access system $100,000 - Security: 1 October 2019 - 30 September 2020: $79,000 per month 1 October 2020 - 30 September 2021: $81,000 per month - Staff cost: same as last year - Utility expenses: 1% less than last year - Manager's Remuneration: increase 0.5% - Provision for Major Repairs: decrease to $10,000