Question 1: Proparing a Balance Shee Convict Australia Walles Limited is a wholesaler of husury brand wallets and watches. The company set up an office in Perth in 2022 and have established a strong distribution network theoughout the Australia and South-East Asia. The financial year of the company is from April I to March 31 Duc to an unespected accident imolving the company's regular accountant, you have been enpaged te the 2026 2027 financial year (that is, Apoil 1, 2026 to March 31, 2827) for Coevict Australia Wallet Afier examining the notes of the company'sreplar accountan you have discoverod the follenwing initial list of accounts and trial balance amounts have been registered Trial Ralance Valor 41,000,000.00 95,000,00000 111,000,000 00 145,000,000.00 126,500,000.00 $2,500,000 $50,000,000.00 $14,000,000.00 $75,000,000.00 10,500,000.00 12.650,000.00 111,000,000.00 $25,000,000.00 360,000,000.00 $75,000.000.00 $25,000.000.00 $14,000,000.00 39,000,000.00 255,000000.00 $1,500,000.00 Accounts Receivable Bank Loans Coppright Foreign Cumency Reserve Gain on Sale od General Reserve Goodwill Income Tax Expense Land Investments Available foe Sale Land Long-Term Bonds (Due Mose than 12 Months) Long-Term Investment Hld to Maturity Long-Term Pension Obligations Notes Payable (Due More than 12 Months Paid-Up Capital Patents Propeity, Plant and Equipmont Retained Earnings Sales Revenc Short-Term Marketable Secunities Wages and Salaries $180,000,000.00 145,000,000.00 $256,000,00000 $22,000,00000 The following key information has already been peapared by the regular accountant L A review of the Goodwll account indicated an amount of goodwill to the value of S1,500,000 had been impaired. This impuimment had yet to be reduced from the "Goodw l account balance or the "Retained Earnings 2. The vakue of Property. Plant and Equipment" is shown in the accounts at the historical valuc. The annual depeeciation of S18.000,000 has yet to be deducted for the 2026 2027 financial year 3. The valag of avenory a shonm in the Trial Balance is at cost. The net realizable valwe of 4. ExpenK, (eg, inurance) for the 20272028 fin1 year to the ofS2200.000 were ventory is indicatiod to be 5145,000,000 using cash 2 days prioe to the end of the 2026/2027 financial year. This amount has yet to be shown in the trial bailance values nor dedacted from the cash account S. During the 2034/2025 fnancial year the company sold assets for a gain of $45,000,000 This w 6 Half of the value of Noles Payable (Due More than 12 Montha) shows in the "Trial Balances ace- inthe comespanding incume sukment and ckme to the balance shet at tane. ncornectly reconded and are due to be paid in the 2027/2028 financial year Reconds aho indicate that $50,000,000 of te Paid-Up Capital is yet unpaid and is incorneatily ecorded. Cash that should have beem supposedly collected should be hown as r During the 2026/2027 financial yoar, the company purchased issued capital to the value of 20,000,000. These transactions have yet to be eflected in the Trial Balanse values The boand of directors have detarmined thail the balance of the Forign Cumency Reserve accost must bc equal tothe balance ofthc 9 nmi Reserve, wuoum at year end T has yet to be Available for Sale tha will yicld a gain of $12.000,000 fo the company. The sale will be compicted no carlier gust 1, 2027 Required Question 1: Proparing a Balance Shee Convict Australia Walles Limited is a wholesaler of husury brand wallets and watches. The company set up an office in Perth in 2022 and have established a strong distribution network theoughout the Australia and South-East Asia. The financial year of the company is from April I to March 31 Duc to an unespected accident imolving the company's regular accountant, you have been enpaged te the 2026 2027 financial year (that is, Apoil 1, 2026 to March 31, 2827) for Coevict Australia Wallet Afier examining the notes of the company'sreplar accountan you have discoverod the follenwing initial list of accounts and trial balance amounts have been registered Trial Ralance Valor 41,000,000.00 95,000,00000 111,000,000 00 145,000,000.00 126,500,000.00 $2,500,000 $50,000,000.00 $14,000,000.00 $75,000,000.00 10,500,000.00 12.650,000.00 111,000,000.00 $25,000,000.00 360,000,000.00 $75,000.000.00 $25,000.000.00 $14,000,000.00 39,000,000.00 255,000000.00 $1,500,000.00 Accounts Receivable Bank Loans Coppright Foreign Cumency Reserve Gain on Sale od General Reserve Goodwill Income Tax Expense Land Investments Available foe Sale Land Long-Term Bonds (Due Mose than 12 Months) Long-Term Investment Hld to Maturity Long-Term Pension Obligations Notes Payable (Due More than 12 Months Paid-Up Capital Patents Propeity, Plant and Equipmont Retained Earnings Sales Revenc Short-Term Marketable Secunities Wages and Salaries $180,000,000.00 145,000,000.00 $256,000,00000 $22,000,00000 The following key information has already been peapared by the regular accountant L A review of the Goodwll account indicated an amount of goodwill to the value of S1,500,000 had been impaired. This impuimment had yet to be reduced from the "Goodw l account balance or the "Retained Earnings 2. The vakue of Property. Plant and Equipment" is shown in the accounts at the historical valuc. The annual depeeciation of S18.000,000 has yet to be deducted for the 2026 2027 financial year 3. The valag of avenory a shonm in the Trial Balance is at cost. The net realizable valwe of 4. ExpenK, (eg, inurance) for the 20272028 fin1 year to the ofS2200.000 were ventory is indicatiod to be 5145,000,000 using cash 2 days prioe to the end of the 2026/2027 financial year. This amount has yet to be shown in the trial bailance values nor dedacted from the cash account S. During the 2034/2025 fnancial year the company sold assets for a gain of $45,000,000 This w 6 Half of the value of Noles Payable (Due More than 12 Montha) shows in the "Trial Balances ace- inthe comespanding incume sukment and ckme to the balance shet at tane. ncornectly reconded and are due to be paid in the 2027/2028 financial year Reconds aho indicate that $50,000,000 of te Paid-Up Capital is yet unpaid and is incorneatily ecorded. Cash that should have beem supposedly collected should be hown as r During the 2026/2027 financial yoar, the company purchased issued capital to the value of 20,000,000. These transactions have yet to be eflected in the Trial Balanse values The boand of directors have detarmined thail the balance of the Forign Cumency Reserve accost must bc equal tothe balance ofthc 9 nmi Reserve, wuoum at year end T has yet to be Available for Sale tha will yicld a gain of $12.000,000 fo the company. The sale will be compicted no carlier gust 1, 2027 Required