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A couple, Randall and Beth (both age 30 ) have come to see you regarding their financial situation. Randall works for a consulting firm earning $180,000 per annum. Beth is currently a stay home mother taking care of their one-year-old child, which saves them in childcare expenses of $1400 per month. Before having the baby, Beth worked as an early childhood teacher earning $48,000 per year. They know that money has been tight and they have only saved $12,000 in a savings account. Randall and Beth have provided the following information to you: - They are currently renting a house for $5,500 per month. - They have two cell phones each on Bmobile Elite package $591 per month plans. - Power bills are estimated to be $250 per month. - Internet and cable plan cost them $475 per month. - They spend about $300 per week on incidental expenses like clothing and entertainment. - Groceries cost them about $800 per week. - The couple also have a car that they bought last year for $180,000 with a 6 -year loan with monthly payments of $2,983. The current loan balance is $154,000. Annual auto insurance is $6,000 and routine servicing averages $1,500$2000 every 6 months. - They spend $250 per week on fuel. - The car is now worth $150,000. - They have $35,000 of personal loan, which they pay $758 per month. - They also recently replaced some household appliances and so have hire purchase debt of $30,000, which is costing them $945 per month in repayments for the next 4 years. Both the personal and hire purchase loans have interest rates of 22%p.a. - Their two visa cards with credit limits of $20,000 and $10,000 @24\% pa interest are both maxed out so they pay the minimum monthly payments of 5% of the balance on each card. - The value of their household items, including their hire purchase items is $60,000. - Randall has accumulated $17,500 in his Individual Retirement Unit Account at TTUT. Based on the above information: 1. Prepare a personal balance sheet for Randall and Beth. (4 marks) 2. Prepare Randall and Beth's personal annual income statement (include tax and statutory deductions). ( 6 marks) 3. Identify two financial strengths and two financial weaknesses based on the statements in (i) and (ii). ( 4 marks) 4. As their financial advisor, recommend a course of action to overcome the weaknesses identified and improve their overall financial health. (6 marks)