Please answer question ii

The Statement of Financial Position of STU Ltd at 31 Mav 2022 and explanatorv notes are as 3. Goodwill arose on the occasion of the acquisition referred in note 2 above, the unimpaired portion of which is $62,700. 4. Over the years ended 31 May 2020 and 2021, STU Ltd has suffered heavy losses. The board of directors formulated a scheme of reorganization for which the special resolution has subsequently been approved by the court, with the following consequences: a. Accumulated cost to date on the deferred development expenditures are to be written off because this project has had to be abandoned largely due to a lack of financial resources to enable it to be completed. b. The value of trademarks has been reassessed at $24,000. c. Goodwill no longer possesses an attributable value and is to be impaired to zero. d. Non-current assets have been revalued as follows: 5. Following the abandonment of the development project, certain inventories are unusable and cannot be applied for alternative purpose, the amount of $46,820 to be written off. 6. Allowance for trade receivable (carrying amount $38,180 ) is to be increased by $2,600. 7. No dividends have been declared on the 7% redeemable preferences shares in the financial years 2020 and 2021 . 8. The redeemable preference shareholders have agreed to receive ordinary shares on the amount due to them as follows: a. $20,000 ordinary shares in exchange for $30,000 of preference shares b. $4,200 ordinary share as compensation of non-payment of 2020 and 2021 preference share dividends. 9. The balances on revaluation reserve and other reserve, together with the debit balance on retained earnings are to be written off. 10. The carrying amount of ordinary share capital is to be written down to $53,200. 11. The new issue of ordinary shares is to be made for cash that make the balance of ordinary share capital at $250,000. 12. The bank loan would then be repaid. Required Prepare for STU Ltd: i. Journal entries of above reorganization scheme, capital reduction account is preferred to show. ii. The statement of financial position after reconstruction