Please note that the following questions need to be answered with reference to the Conceptual Framework for Financial Reporting ONLY. 1.1) With reference to Query 1, advise Machine Mania (Pty) Ltd whether they are correct in not raising a liability for the claim instituted by the customer in their annual financial statements for the financial year ended 31 December 2023. (12 marks) 1.2) With reference to Query 2, advise Colourful (Pty) Ltd whether they are correct in not raising an allowance for doubtful debt in their annual financial statements for the financial year ended 30 June 2024. Note: You are not required to include the definition of an asset as part of your discussion, you can assume that the trade receivable does meet the definition of an asset (8 marks) 1.3) With reference to Query 3, advise Long Acres (Pty) Ltd on how to recognise the R250 000 deposit paid to the contractor in their annual financial statements for the financial year ended 31 March 2024. (8 marks)