PART ONE Financial Accounting Johnny enrolled for the XPD106 in Semester 1 at IPC and decided to open a 'JJJ Green Caf' in Hobart on 1st June 2023 after getting motivated by the discussions held during the workshops about business responsibilities and accountabilities. In addition to coffee and tea, Johnny's Cafe will sell ethically purchased items such as sandwiches, organic juice, cakes and savoury items such as quiche and tarts. Johnny contributed raw materials valued at $4,000, shop equipment valued at $14,000 and patented recipes valued at $9,000. He also deposited $20,000 into the business bank account. He plans to use their own vehicle he purchased last year, to make deliveries and pick up supplies. He purchased the vehicle for $25,000 last year on 1 July 2022. The expected life of the vehicle is 5 years, with a residual value of $8,000. On 1st June 2023, he took out a $50,000 business loan from a local bank with a fixed rate of interest of 12% p.a. Monthly repayments on the loan are $1075 and due on the 18th of every month