please just prepare journal entries question (2/3)

a) On 18 July 2022 , the release of a far superior and cheaper product by a competitor caused a major decline in demand for Product X made by ABC Ltd. In an effort to sell remaining stock of the product, ABC Ltd has reduced its selling price to 50% of cost. Inventories on hand at 30 June 2022 were recorded at their cost of $160000. On 15 August 2022, the Department of Occupational Health and Safety charged the company over unsafe storage practices that resulted in the leakage of toxic materials into a local creek. The leakage occurred on 3 July 2022 . If found to be negligent by the court, the company will have to pay a fine of $400000 plus legal and clean-up costs in excess of $300000. On 21 August 2022, the purchasing manager discovered that a batch of invoices relating to June inventories purchases had not been processed. The invoices totalled $60000. Question 2 Required 1) Classify the above events as either adjusting or non-adjusting events after the end of the reporting period. Justify your classification. Hint: the following template can be used to help you arranging the answer of this question. (6 Marks) (Date, Event, Condition at 30 June 2022, New information, Classification.) a. The release of superior and cheaper product by competitor on 18 July, 2022 is indicative of a condition that arose after the end of the reporting period, hence it is a non-adjusting event. b. The leakage occured on 3 July, 2022 hence it is indicative of condition that arose after the end of the reporting period. Therefore it is a non-adjusting event. c. The non processing batch of invoices relating to purchases of inventories in June 2022 is indicative o conditions existing at the balance sheet date, hence it is a adjusting event. Explanation The above event would affect the ability of users to make proper evaluations and decisions, hence following disclosure should be made in the financial statements of ABC Ltd 2) Based on your answer to requirement 1, prepare the necessary journal entries or note disclosures to comply with the requirements of AASB 110. (4 Marks)