QUESTION 4: 8 MARKS On 30 June 2017, Timon Ltd omits to process some items on the last day of the financial year. The accountant had inadvertently capitalised $12,600 of repair expenses to the Machinery account and consequently omitted an additional $250 of depreciation expenses. The accountant has also forgot to pay a telephone account that was due to be paid by 30 June 2017 for $75. Management reviewed the accounts in October 2017 and decided that the misreporting of the machinery expenses is regarded as material but the overdue telephone account was not. (a) Show the general journal entry to record the overlooked items. Include a narration. # Timon Ltd - General Journal En Date Details DR CR TI 2 marks (b) Show how the change would be presented in Timon Ltd.'s 30th June 2017 Half Year financial statements. Statement of Financial Performance 2017 Item 2016 (Restated) 2 marks Statement of Financial Position 2017 Item 2016 (Restated) 2 marks