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Question 1 When organisations sell various goods to customers there is often some uncertainty about the ultimate collectability of the transaction price. Should sales revenue be reduced to take into account the probability that a certain percentage of the sales revenue will never be collected? Question 2 If an entity is performing its responsibilities under a contract to a customer in a manner where the performance obligations are being satisfied 'over time' (rather than at a 'point in time"), then what are the alternative approaches to measuring the level of progress that depicts the transfer of goods and services to the customer? Question 3 An extract from the financial statements of Wedding Cake Island Ltd for the year ended 30 June is provided below. Wedding Cake Island Ltd: Abridged statement of comprehensive income for the year ended 30 June 2019 2040 2040 ($) ($) 20700 17300 (6210) (5190) 14490 12110 Profit before tax Income tax expense Profit for the year Wedding Cake Island Ltd: Statement of changes in equity for the year ended 30 June 2019 Balance at 30 June 2017 Profit for the year Distributions Balance at 30 June 2018 Profit for the year ending 30 June 2019 Dividends Balance at 30 June 2019 Share Retained capital earnings Total S 6400 3210 9610 1211012110 (4800) (4800) 6400 105200 16920 14490 14490 (4800) (4800) 6400 202100 26610 The following additional information is available: During the preparation of the 2019 financial statements, it became apparent that electricity 200974 Accounting Standards and Governance Portfolio: Session 1, 2020 Page 1 of 4 expenses of $4700 had been omitted when the 2018 financial statements were prepared. The Tax Office has indicated that electricity expense will be permitted as a deduction for tax purposes. The tax rate is 30 per cent. REQUIRED Prepare the statement of profit or loss and other comprehensive income and statement of changes in equity so as to comply with all applicable accounting standards