Mdara Limited is involved in the importation and sale of agriculture equipment. The following information relate to two combine harvesters imported in the year $2021.$

$-$FOB cost for both harvesters $$200000$

$-$Import duties $$10000$

$-$Clearing agent costs $$5000$

$-$Wages for staff $$4500$

$-$Sales: $-$Harvester $1(1\mathrm{.}6\mathrm{.}21)$ $$150000$

$-$Harvester $2(1\mathrm{.}7\mathrm{.}21)$ pre$-$invoicing $$150000$

Additional information:

$1.$ Wages for staff include an amount of $$2000$ which was specifically for bringing the harvesters into use.

$2.$ The price for each combine harvester includes amounts for Value added Tax $(14\mathrm{.}5\%),$ of which no remittance has been made to the tax authorities.

$3.$ Due to economic changes, the market prices at year end for the combine harvesters have been reduced to $$198000$ excluding VAT with selling expenses estimated at $$30000.$

Required:

Determine the following for the financial statements of Mdara Limited as at year end $31/7/21$:

i$.$ Revenue to be recognised

ii$.$ Expenses to be recognised

iii. The cost for the combine harvesters

iv$.$ Liabilities

v$.$ Classification and measurement of the combine harvesters at year end.

$(15$ marks$)$