Luke Traders Limited trades with stationery. Their mark-up is 75% on cost price. Luke Traders Limited year-end is on 30 APRIL 2022. The company is authorised to issue an unlimited number of ordinary shares. REQUIRED: 4.1 Record the correct GAAP principle next to the given scenario (5) 4.1.1 Financial statements are prepared as if the business will be trading inthe foreseeable future. (1) 4.1.2 Consumable stores, stationery and postage can be posted to theSundry expenses account. (1) 4.1.3 If a business purchased Land and Buildings 5 years ago at $1 950 000 and it was currently re-valued at $2 380 000, the Land and Buildings willstill be recorded as $1 950 000 in the books of the business. (1) 4.1.4 The owner inherited $50 000 from his grandfather and he did not recordthe inheritance in the books of the business. (1) 4.1.5 At the end of the financial year the telephone account was still outstanding. This transaction will be recorded in the telephone account in the General Ledger before the account is closed off to the Profit and Loss account.