(Just need to answer asap, no need to explain step by step.)

The following information contained the financial accounts of Excellence Grade College for the accounting year ended 315 December 2020: Account description Amount $ Tuition fee earned 2,000,000 Rental fee earned 50.000 Rental of premise 100,000 Staff salaries 500,000 Air conditioner servicing fee 24,000 Cash at bank 20,000 Accounts payable 20,000 Administrative expenses 30,000 IT equipment 300,000 Loss on disposal of assets 500 Accrued expenses 10,000 Prepaid expenses 8,500 Rent deposit paid 30,000 Accumulated depreciation of IT equipment 60,000 Inventory 7,500 Owner's equity ? Fee received in advance 35,000 Fees overdue from students 25,000 Bank loan 200,000 Freehold property 600,000 Required: a) Prepare a fully classified Balance Sheet for Excellence Grade College for the year ending 3 15t December 2020. Use the accounting equation to determine the value of Equity at the end of the year. (6 marks) b) Discuss and elaborate how 'Fees Received in Advance' meets the definition and recognition criteria according to the Conceptual Framework to allow it to be recorded in the Balance Sheet. (4 marks) (6 + 4 = 10 marks)