Tech-In-Fo Ltd has been invoiced by its advertising supplier for $460 000 worth of advertising supplied during the year ending 30 June 2020. As at 30 June 2019, Tech-In-Fo Ltd had an advertising payable balance of $25 000. During the year ending 30 June 2020, Tech-In-Fo Ltd paid $448 000 to its advertising supplier. Tech-In-Fo Ltd believes the current advertising campaign will generate a great deal of additional business by exposing the company to a wider range of potential clients. Identify the balance of each of the following items for Tech-In-Fo Ltd for the financial year ending 30 June 2020. Show workings where necessary. If you believe there is no balance, provide a justification using the recognition criteria for the elements of the financial statements. 1. Advertising asset

2. Advertising payable

3. Advertising expense