PROBLEM 1.4 Calculate accrual accounting profit Paul Jones set up his own catering business on 1 July 2021. During the 12 months up to 30 June 2022 the following transactions occurred: 1 Paul put $30000 of his own money into the business. 2 He borrowed $40000 from the bank for one year at 5 per cent per annum, with interest to be paid at the end of the loan. 3 He paid $12000 in wages and owed $2400 in wages for work done. 4He bought catering equipment for $8000, which has an expected useful life of four years. 5 He paid other expenses of $10000. 6 Paul sent bills for $60000 to customers for work performed between 1 July 2021 and 30 June 2022. By 30 June he had received $55000 and expected the other $5000 by August. Using the concepts of accrual accounting, calculate Paul's profit for the year ended 30 June 2022