Question 2 John Smith set up his own catering business on 1 July 2019. During the 12 months up to 30 June 2020 the following transactions occurred: 1. John put $10,000 of his own money into the business. 2. John borrowed $20,000 from the bank for one year at 5% per annum, with interest to be paid at the end of the loan. Assume the loan commencement date was 1 July 2019. 3. During the year John paid $10,400 in wages and on 30 June 2020 owed $3,000 in wages for work done. 4. He bought catering equipment for $6,000, which has an expected useful life of three years. Assume the catering equipment was purchased and installed on 1 July 2019. 5. During the year, he paid other expenses of $12,300. 6. John sent bills for $60,000 to customers for work performed between 1 July 2019 and 30 June 2020. By 30 June he had received $45,000 and expected the other $15,000 by August. Using the concepts of accrual accounting, calculate John's profit for the year ended 30 June 2020