Question 27 (10 points) Aniwaniwa Corp has provided their financial statements as presented below. During the internal audit, you noticed that some of the transactions were not reflected in the accounts and you instructed the accountant to record the missing transactions. How will the transactions change the information presented in the financial statements? Aniwaniwa Corp. Statement of Financial Position 30 September, 2020 Assets Current Assets Cash and cash equivalents Accounts receivables Inventory Prepaid expenses Other current assets Total current assets Property, plant and equipment Intangible assets Goodwill Other assets Total assets 252,400 430,200 1,560,000 205,000 68,400 2,516,000 3,387,000 2,050,000 780,000 123,700 3,856,700 5 Liabilities and Shareholders' Equity Llabilities Current liabilities Accounts payable Curren portion of long-term debt Deferred revenues Salaries payable Utilities payable Other current liabilities Total current liabilities Non-current liabilities Total liabililities Shareholders' Equity Common shares Retained earings Total shareholders' equity Total liabilities and sharehoders' equity 663,600 24,000 356,700 23,900 450 700.900 1,769,550 3,279,000 5,048,550 3.000.000 808.150 3,808,150 8,856,700 1) Received $14000 from customers for services which are scheduled to be provided in the following month. 2) Took a bank loan to buy a piece of property for $1.2 millions and to pay $28,000 for the removal of a building on the site. The purchase and removal are 100% financed with this loan. 3) Purchase inventory on account for $27,500. 4) Return inventory worth $2200 due to damage. 5) Paid bank service fee of $50. Instructions: Prepare the journal entries for the five transactions and indicate how the accounts below will be affected after recording them. (Note: Don't forget to upload your notes incl. journal entries to the dropbox after you submitted the exam). Blank 1: Adjusted Cash and cash equivalents Blank 2: Adjusted Total assets Blank 3: Adjusted Shareholders' equity Blank 4: Adjusted Non-current Liabilities Blank 5: Effect on Operating Profit (=Earnings before interest and taxes, EBIT); (Formatting requirement: If the 5 transactions lead to a total increase of $5,000 write +5000; If the 5 transactions lead to a total decrease of $5,000 write -5000) Blank #1 Blank #2 Blank # 3 Blank #4 Blank # 5