Requirement 2: Sales Transaction Assume that the sales transaction outlined below has been selected for detailed testing as part of the 20X1 year-end audit procedures: Sales transaction details. A new client, Innovative Investments, placed an urgent purchase order with DiamondsForever four days prior to year-end for the following diamonds: Five Rose-colored diamonds (one carat, F color rating, brilliant cut) with a sale price of $25,000 each; and Ten White diamonds (one carat, G color rating, princess cut) with a sale price of $6,000 each. This order was able to be filled using two diamond parcels currently in the DiamondsForever inventory. Specifically, diamond parcel number PX1-5 and diamond parcel number PX1-7, which were the 5th and 7th diamond parcels, respectively, constructed from diamonds purchased by DiamondsForever during 20X1, were identified as containing diamonds matching this order. To ensure these diamonds were not able to be sold to another client, the inventory records and the sales journal were updated to reflect this transaction one day after receiving the order. DiamondsForever shipped diamond parcel PX1-5 to Innovative Investments on the last day of the financial year, and diamond parcel PX1-7 was shipped on the first day of the new financial year. In relation to this transaction, you are required to discuss and provide answers to the following five-part question by completing Panel A of Answer Template B, provided in Exhibit 1: What evidence would you need to obtain in order to support each of the following five assertions for this recorded transaction? (a) the occurrence assertionin other words, how do you know that the sale to Innovative Investments actually took place? (b) the completeness assertionin other words, how do you know that the entire sale was recorded? (c) the accuracy assertionin other words, how do you know that the details of the sale, e.g., the sale amount, were correctly recorded? (d) the cut-off assertionin other words, how do you know that the transaction was recorded as a sale in the correct accounting period? (e) the classification assertionin other words, how do you know that the sale was recorded in the proper accounts?