Moving to another question will save this response. aestion 5 10 points The management of Rex Company Limited, an electronics retailer, has reported its income for the first two quarters of 2019/20 as follows: . Quarter 152,100,000 Quarter 2 - $2,500,000 As the current auditor of the company, you are assigned the responsibility of estimating the overall establishing materiaty for Rex Company. The following points are relevant: a. Based on historical trends the client has a 5.7% decline in profits from the 2nd quarter to the 3rd quarter b. However, you are aware that Quarter 4 may well achieve an increase of 18% over Quarter 3. c. The overall materiality is 2.5% of annual profit before tax d. All figures are before tax Required: Determine the amount of overall materiality for Rex Company for the audit based on these preliminary amounts. To mark TTTT Paragraph Arial