Question 3 W Ltd is engaged in the business of import and distribution of electronic appliances. The following events took place subsequent to the reporting period i.e. 31 December 2020: On 15 January 2021, one of W Ltd's competitors announced launching of an upgraded version of DVD players. W Ltd's inventories include a large stock of existing version of DVD players which are valued at $15 million. Because of the introduction of the upgraded version, the net realizable value of the existing version in W Ltd's inventory at 31 December 2015 has reduced to $12.5 million. On 20 December 2020, the board of directors decided to close down the division which imports and sells mobile sets. This decision was made public on 29 December 2020. However, the business was actually closed on 29 February 2021. Net costs incurred in connection with the closure of this division were as follows: On 16 January 2021, LED TV sets valuing \$3 million were stolen from a warehouse. These sets were included in W Ltd's inventory as at 31 December 2020. WL owns 9,000 shares of a listed company whose price as on 31 December 2020 was $22 per share. During February 2021, the share price declined significantly after the government announced a new legislation which would adversely affect the company's operations. No provision in this regard has been made in the draft financial statements. On 31 January 2021, a customer announced voluntary liquidation. On 31 December 2020, this customer owed Rs. 1.5 million. On 15 February 2021, W Ltd announced final dividend for the year ended 31 December 2020 comprising 20% cash dividend and 10% bonus shares, for its ordinary shareholders. Required Describe how each of the above transactions should be accounted for in the financial statements of W Ltd for the year ended 31 December 2020. Support your answer in the light of relevant International Financial Reporting Standards