Question 3 Morrison plc ("Morrison') is a manufacturing facility company which is preparing its financial statement for the year ended 30 April 2020. The company's financial statements have a date of authorisation for issues as on 10 June 2020 and the annual general meeting is scheduled on 7 July 2020. The management of Morrison are reviewing the following events occurred as follow: (i) On 12 May 2020, a fire explosion destroyed Morrison's major warehouse and the inventory stored within it. On the date of the explosion, the carrying value of the damages was 20 million for the warehouse and 10 million for the inventory. The insurance will cover the damage only for 23 million. Morrison's operations were severely interrupted, and it expects to face losses for the next years. (ii) On 15 May 2020, Morrison was informed about a customer going into administration. A receivable of 130,000 was recognised in the Statement of Financial Position at 30 April 2020 for this customer and by 15 May 2020 this had risen to 150,000. (iii) On 20 May 2020, Morrison sold 70% of the inventory held in a different warehouse from the one referred to in (i) above for 1,120,000. The inventory was recorded at its cost for 1,840,000 in the Statement of Financial Position at 30 April 2020. Morrison incurred a commission expense of 15% of the selling price of the inventory. Evaluate the impact of each event - (i) to (iii) - on the financial statements for the year ended 30 April 2020. Give details on the requirements of the IAS 10