Question 1 a. An accrued expense such as salaries outstanding amounting to $18,000 was overlooked when ascertaining the profit for the year. Determine the effect of this error on net profit. Explain your answer. b. Having agreed on a monthly rent of $4,000 for business premises, three months rent was in arrears as at 1st January 2020, though $44,000 was paid as rent during the year to 31st December 2020. Determine the amount that will appear as rent accrued on the Statement of financial position as at 31 December 2020. Show your working clearly. c. A trader depreciates his vehicles at 20% per annum using the straight-line method with time proportionate depreciation in the year of acquisition. In addition to the fleet acquired in previous years for $180,000, he acquired a vehicle on 1 May 2011 for $60,000. Calculate the depreciation for the year ended 31 December 2011.