Required: Assume that you are the financial analyst for the Venture Exchange. Does the company meet the financial aspects of the initial requirements for listing on the Venture Exchange? Please provide your reasons. Bangley Limited manufactures products that capture solar energy. The company plans to list its shares on the Venture Exchange. To do so, it must meet all of the following initial listing requirements (among others). (i) Net tangible assets must be at least $500,000. (ii) Pre-tax earnings must be at least $50,000. (iii) The company must have adequate working capital. The company has experienced significant growth in sales and is having difficulty estimating its related loss on impairment of accounts receivable. During the year, the sales team extended credit more aggressively in order to increase their commission compensation. The company performed a detailed aged receivables analysis, and estimated the loss on impairment at $67,000. The company also performed a percentage-of-sales analysis, using past percentages, resulted in an estimated loss on impairment of $50,000. Before booking the allowance for expected credit losses, net tangible assets are approximately $550,000 and pre-tax earnings are $110,000. The company decided to accrue the allowance of $50,000