TASK 4: In addition to the inventory data provided under TASK 3, Island Solutions accountant has made the following projections in light of the market changes. 1. Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. 2. Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. TASK 5: Explain two (2) similarities and three (3) differences between IFRS and US GAAP with respect to accounting for inventories. 3 PHASE 3 Island Solutions started construction of a new office building for its own use at an estimated cost of $5 000000 on January 1, 2022, and completed the construction on December 31, 2022. j. During the year of construction (2022) the company had outstanding the following debt obligations. i. Specific Construction Debt: $200000012% note issued December 31,2021 . Interest payable semiannually ii. Other Debt: \$1 40000010% short-term loan. Interest payable monthly and principal payable at maturity on May 30, 2023 $100000011% long-term loan. Interest payable on January 1 of each year and principal payable at maturity on January 1,2025 B. Total expenditures - $5200000 C. Weighted average accumulated expenditures - $3500000 One of the accounting interns on the other team having reviewed the statement of financial position commented that it just did not make any sense... this 'avoidable interest'.... In reality, isn't all interest unavoidable .... No one lends money without expecting to be compensated for it