Marked out of 8.00 Flag question (a) Mint started a consulting business on 1st July 2021 called Mint Ltd. During the period up to 31st December 2021, the following transactions occurred: (i) Mint put $200,000 of her own money into the company (ii) She borrowed $120,000, on 1st July 2021, which is to be paid back in one years time. Interest is to be paid yearly at 5% per annum. (iii) She sent bills for $42,000 to customers for work performed. By 31st December 2021 she had received $28,000 and expected the other $14,000 in January. (iv) She bought equipment, on 1st July 2021, for $16,000 that has an expected useful life of four years. (v) She paid $18,000 for one years worth of insurance on 1st July 2021. Using the concepts of accrual accounting, calculate Mint's profit for the six months ending 31st December 2021. (8 marks) 1 A BI 8 Question 6 Not yet answered Marked out of 3.00 Flag (b) Mint receives $1,000 from a customer in December 2021 for some training to be delivered in January 2022. Show the transaction that would be required in December 2021 and January 2022 in the Accounting Equation along with an explanation as to why you showed the Revenue in the month that you chose. (3 marks)