Question 2 Non-current assets, current liabilities, non-current liabilities and Statement of Financial Position (SOFP/Balance Sheet) (24 marks): Takeaway Limited requires help with their Statement of Financial Position (SOFP Balance Sheet). Takeaway Limited is not registered for GST. Below is Takeaway Limited's unadjusted trial balance at 31 October 2021: Takeaway Limited Unadjusted Trial Balance 31 October 2021 Credit S Debit S 6,000 9,000 80,000 8.000 32,000 15,000 4,000 3,300 Cash Accounts Receivable Intangible asset - patent Accumulated Amortisation - Patent Land Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Interest Payable Loan Payable (due 31 October 2023) Share Capital Retained Earnings (opening) Dividends Service Revenue Salaries and Wages Expense Amortisation Expense Depreciation Expense Other Operating Expenses Interest Expense 30,000 57,500 30,400 2,500 15,300 1,000 3.000 148,500 148,500 a Additional Information: 1. The patent has a 20 year life. One month of amortisation is to be recognised. 2. Office equipment is depreciated using the declining balance method at a rate of 20% p.a.. The residual value is $1,000. One month of depreciation is to be recognised. 3. The loan payable of $30,000 carries an interest rate of 10% p.a. The interest expense is paid automatically on the 18 of the following month. This is an interest only loan and the principal lump sum is only due on 31 October 2023. REQUIRED: a) Prepare the adjusting entries for the month of October 2021. (Round to two decimal places in your calculations). (6 marks) b) Prepare the Statement of Financial Position (1.e., SOFP/Balance Sheet) at 31 October 2021. Assume that the Total Comprehensive Income after taking the above adjustments into account is $10,533.34 K Question 2(a) - 6 marks: Prepare the adjusting entries for the month of October 2021. (Round to two decimal places in your calculations) Complete your journal entries in the table. Not all boxes need to be completed. Account Debit Account Credit Debit $ Credit $ 11. 2. 3. Use this box for calculation purposes: Question 2(b) - 18 marks: Prepare the Statement of Financial Position (i.e., SOFP/Balance Sheet) at 31 October 2021. Assume that the Total Comprehensive Income after taking the above adjustments into account is $10,533.34. Complete the Balance Sheet by inserting into the boxes below. You do not need to worry about double underlines. Not all boxes need to be completed. Takeaway Limited Balance Sheet