The company maintains its accounts using the historical cost convention, modified for any revaluation. The company's year end is December $31.$ The auditors, McKay and Greene, completed their audit for the financial year ended December $31,$

${?}^1$ Groups are able to select the fruit and vegetable they want to use for this new product

$2023$ and issued an unqualified audit report on March $20,2024.$ The financial statements were approved by the Board of Directors on March $27,2024.$ The auditors are willing to continue in office for the financial year ending December $31,2024.$ The registered office of the company is located at $00$ Harbour Street, Kingston, Jamaica. The annual general meeting of the company is scheduled for Monday, May $15,2024,$ at $10$:$30$ a$.$m$.$ at Pegasus Hotel, $81$ Knutsford Boulevard, Kingston $5,$ Jamaica. The notice for the annual general meeting was sent to the shareholders by the Company Secretary, $($student representative$)$ on April $15,2024.$

a$)$ Audit fees for the financial year ended December $31,2023$ are estimated at $$12,950,000.$ Under provision of audit fees for the prior year amounted to $$25,000.$ Audit fees are not yet reflected in the accounts.

b$)$ The Directors on November $1,2023,$ approved a dividend of $$0\mathrm{.}10$ per share in respect of the financial year ended December $31,2023.$ The total amount for dividend payment was placed in an escrow account in which the cash is restricted from the X Limited's use. The amount is to be distributed on March $2,2024.$ The transactions involved for the above have not yet been reflected in the accounts.

c$)$ The income tax rate is $25\%,$ and the corporation tax rate is $\frac{331}{3}\%.$

d$)$ Round all calculations to the nearest $$1,000.$

e$)$ The foreign exchange bank account is kept at JMMB$,$ the salaries bank account is kept at National Commercial Bank and the general bank account is kept at Bank of Nova Scotia.

f$)$ The interest income and the dividend income were received net of income tax. Only the net amounts received were reflected in the accounts.

g$)$ The allowance for bad debt is a specific allowance.

h$)$ Transactions in foreign currencies have been converted at the rates of exchange ruling at the dates of those transactions and foreign currency bank balances have been translated at the rates of exchange ruling on that date.

i$)$ During the current financial year, a lawsuit was filed against the company by a customer. A hotel is claiming damages amounting to $$12$ million arising out of an alleged breach of contract by the company to supply fresh vegetables to them. The company's lawyer Jimmy Wexler is of the opinion that the plaintiff's $($customer$\text{'}$s$)$ claim against the company is unlikely to succeed.

j$)$ The donations include a monthly gift of $$200,000$ to Food for the Poor Jamaica. The remaining donations were used to pay fees to Care Clinic for giving general examinations to families of farmers in a community that $x$ Limited has partnered with for years.$|$

k$)$ On December $31,2023,$ commitments for capital expenditure not contracted for and for which no provision has been made in the accounts amounted to $$28,000,000.$

I$)$ The general manager of a major hotel chain made a complaint via email on December $30,2022,$ about the poor quality of a tomato shipment. On January $1,2024,$ the CEO of X Limited made a verbal commitment to the customer to give new products at a cost of $$100,000$ for the inconvenience.

m$)$ On December $31,2023,$ Lawson & Peart, professional valuators, valued the land at $$80,000,000$ and the investment property at $$60,000,000.$ The investment property is an apartment purchased for the purpose of rental and capital appreciation. The investment property was purchased on January $1,2023$ for $$550,000,000.$ These revaluations are not yet reflected in the accounts. A new tenant was approved for the investment property on December $15,2023.$ The rental agreement is for $2$ years, starting January $1,2024,$ with a monthly payment of $$1,200,000.$ On December $31,2023,$ the tenant made a payment via cheque consisting the security deposit $($which is worth two months' rent$)$ as well as the first month's rent. This transaction is

n$)$ During the financial year ended December $31,2023,$ two $(2)$ warehouses were acquired. On January $1,2023,$ one $(1)$ warehouse was acquired at a capitalised cost of $$32,000,000$ under a right of use lease arrangement $($already reflected in the accounts$).$ The lease period is five $(5)$ years. The other warehouse was acquired on December $31,2023,$ at a capi