Part 1: Wave accounting software 10% Use the Wave accounting software to set up My Brain accounts. My Brain is a retail shop that sells electrical appliances. The transactions for the month of July are as follows: 1 5 Transactions July 1 The opening balance for the following accounts are cash RM120 000, inventory RM50 000 and capital make up the balance. My Brain purchased on credit electrical appliances from Dotrox Ltd for RM25 000 My Brain returned damaged goods, which had cost RM5000 to Dotrox. 9 My Brain has a cash sales of inventory of electrical appliances for RM40 000 15 My Brain purchased electrical appliances for RM50 000 using cash. 17 My Brain sold of electrical appliances by credit to Poh Lim for RM90 000 22 Electrical appliances sold on 9 Jul were returned and a cash refund of RM1 000 was paid 31 A stocktake revealed inventory on hand of RM38 000 Further information POS equipment worth RM14 000 are purchased using cash on the 1 July 2020 and are depreciated using the straight-line method. Normally, this equipment last 10 years and has a salvage value of RM2000. My Brain plans to sell this equipment after 8 years at salvage value of RM4 000 to make way for newer POS equipment. All transactions recorded are to be rounded to the nearest Ringgit (RM). The ending balance date for My Brain is 31 July 2020. Part 1 Requirements: 1. You are required to show at not more than 1 page a. Calculation and explanation of how you derive the depreciation expense and COGS. b. Explanation of whether My Brain is using Perpetual or Periodic inventory system. c. We will name this document "Explanation". 2. You are required to enter ALL the transactions into the accounting software including any balance day adjustments and entries for COGS and ending inventory. 3. Set up the accounts with the proper account ID in Wave Accounting Software. 3. Print out the Explanation, Trial Balance as at 31 July 2020, Balance Sheet as at 31 July 2020, Profit and Loss Statement and Account Transactions Report for the period of 31 July 2020 to be uploaded to Moodle for your submission