Question 3 Peter's Personal Training Service had been in business for several years. In June 2016, as a result of a dispute with the owner, the accountant of the business disappeared and took all the records with her. You have been hired to reconstruct the accounting records, and with this in mind, you conduct astocktake of all of the assets of the business. By checking with banks, counting the office equipmentand supplies, and investigating the ownership of the buildings and equipment, you develop the following information as at 30 June 2016: Account title Balance Land $ 90 000Office Equipment 145 000Buildings 172 000Accounts Receivable 57 500Investments 30 000Office Supplies 80 000Cash at Bank 320 000 Statements from creditors and unpaid invoices found in the office indicate that $230 000 is owing totrade creditors. There is also $60 000 owing under a 30—year mortgage with the bank. The owner,Peter Piper, has told you that he had contributed $150 000 cash to the business when it wasestablished and that no further contributions had been made. There is no record of how much total profit(losses) had been earned in past years.