Q1.3 6 Points One of NG's major suppliers, Power Ltd., breached their contract to supply microchips to NG for the production of electronic products at a fixed price until 31 December 2024. NG commenced actions against Power Ltd. to recover $2m as damages for loss of earnings, increased costs, and damage to reputation. On 30 March 2021, NG agreed to accept Power Ltd's offer of a lump sum payment of $1m to settle the case. For this part you can ignore any GST implications that may be applicable. Enter your answer here Q1.4 There are 2 sub-parts to Q1.4, worth 3 marks each. Total: = 6 marks 6 Points NG has the following items of stock on hand as at the end of 30 June 2021: Stock valuation Inventory X $ Inventory Y $ Inventory Z $ (GST exclusive) At cost 90,000 100,000 100,200 Replacement value 100,400 80,000 100,000 Market Selling value 100,600 100,100 80,000 (a) Calculate the value of closing stock for the year using the most tax effective strategy to minimise NG's taxable income.[3 marks] Enter your answer here