Q5 In May 2021, a credit sale amounting to RM1 million have been made by Galita Bhd. (Galita). However, on 28 August 2021, it is now foreseen that there is a high probability that this trade receivable has gone bad, and the full amount owing is irrecoverable. The financial year-end of Galita Bhd. is on 31 August. Required: In accordance with the Conceptual Framework's recognition and derecognition criteria, explain how the following will be accounted for by Galita Bhd. in its financial statements for the year ended 31 August 2021: (a) the credit sales of RM1 million at the point of sale; (b) the RM1 million trade receivable which is highly probable to be uncollectible