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QUESTION 2 (16 marks) Part I (10 marks) Rainbow Company's December 31, 2019 bank statement showed a balance of $53,410. Rainbow's December 31, 2019 cash balance was $45.800. Shown below is the information needed to prepare a bank reconciliation for Rainbow Company. (i) Deposits in transit amounted to $5,500. (ii) Outstanding checks at the end of December totaled $12.200. (iii) The bank service fee for December was $100. (iv) A customer payment for a $1,500 receivable was collected by the bank but not yet recorded by Rainbow Company. (V) A check issued for the purchase of office supplies was wrongly recorded for $890 but appeared on the bank statement at $980. (vi) A check of $400 was returned with bank statement because of insufficient fund in the customer's account. Required: Prepare a bank reconciliation for Rainbow Company at December 31, 2019. Part II (6 marks) Preparing the bank reconciliation is considered to be an important step in the internal control process for cash. It is because the cash balances in the depositor's accounting records and its bank statement usually do not agree. Explain the causes of discrepancies for this situation with a specific example for each cause. QUESTION 4 (10 marks) Martin Corporation acquired a truck on January 1, 2016, at a cost of $84,000. The truck was originally estimated to have a salvage value of $4,000 and an estimated useful life of 8 years. Depreciation had been recorded through December 31, 2018, using the straight-line method. On January 1, 2019, the estimated salvage value was revised to $6,000, and the useful life was revised to a total of 7 years. Required: (Show all calculations) a. Calculate the annual depreciation expense for the years 2016 through 2018. (2 marks) b. Calculate the book value of the truck at December 31, 2018. (3 marks) c. Calculate the depreciation expense per year after revision. (3 marks) d. If the truck is sold at a gain, how is the statement of financial position affected? (2 marks)