Question 2 (30 marks) Western Country Club has the following transactions for the year ended December 31, 2020. Advertising and promotion Cash and bank Donations received for the year Equipment at cost Furniture at cost Life membership fee received for the year Lighting and heating Refreshment purchases Refreshment takings Rent and rates Wages and salaries Subscription received for the year Creditors for refreshment supplies Refreshment stocks as at January 1, 2020 Refreshment stocks as at December 31, 2020 Accumulated depreciation - Furniture as at January 1, 2020 Accumulated fund as at January 1, 2020 (S) 15,000 226,800 12,000 240,000 105,000 180,000 9,000 36,000 210,000 27,000 66,600 234,000 15,000 18,000 12,000 15,000 77,400 Additional information: 1. Subscription for the year has not yet received as at December 31, 2020 - $6,000. 2. Provide depreciation for equipment and furniture on straight-line basis. Their useful lives assume 5 years and residual value at the end of useful lives will be $30,000 each. 3. Not yet paid wages of $5,400 as at December 31, 2020. 4. Life membership assumes 10 years. (a) Required: For the year ended December 31, 2020, prepare the Refreshment Profit And Loss Account. (ii) Income And Expenditure Account. Prepare the Balance Sheet as at December 31, 2020. (3.5 marks) (14 marks) (12.5 marks) (b)