THE COMPANY:Aylmer Industries Inc. $($Aylmer$)$ has been in business since $2021.$ Aylmer has two main business segments. This first segment is the construction of large$-$scale projects. In $2023,$ Aylmer had two large construction projects in process. The other segment is the purchase and sale of small machines needed for the construction industry.There are $250,000$ common shares outstanding of this publicly traded company. Since Aylmer is a publicly traded company, it follows IFRS.There are no preferred shares outstanding.The trial balance at December $31,2023$ and December $31,2022$ are provided for comparison purposes on the tab Trial Balance in the excel file. Use this excel worksheet to post journal entries required, to ensure that you remain in balance. The worksheet should also be used to provide a basis of preparing the financial statements at December $31,2023.$Ignore income taxes for this project.Aylmer posted transactions throughout the year and the trial balance in excel was prepared. Aylmers fiscal year$-$end is December $31$st$.$ As a year$-$end review, management of Aylmer discovered that the following items have NOT been recorded and are NOT reflected in the trial balance provided at December $31,2023$:Analyze and review the following items $($a n$)$ and determine the appropriate journal entry. Record the journal entry in the excel file labelled journal entries. Use the various tabs in the excel file to record calculations and support for your journal entries.TRANSACTIONS NOT INCLUDED IN THE TRIAL BALANCE:Calculate bad debtOn December $31,$ after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: $0-30$ days $1\%3160$ days $5\%6190$ days $7\mathrm{.}5\%91120$ days $10\%$ Over $120$ days $15\%$ In the excel spreadsheet, see the tab labelled Trade Accounts Receivable Detail to perform any necessary calculations. Be sure to write off the balance of Copper Gallery referenced above before doing these calculations. FV$-$NI InvestmentsAt December $31,2023$; the fair value of the short$-$term investments were: Redemption Corp $$12\mathrm{.}63$ per share ALM Corp $$23\mathrm{.}98$ per share In the excel spreadsheet, see the tab FV$-$NI Investments to perform any necessary calculations.Prepaid InsuranceThe prepaid amount on the trial balance consists of a payment made to State Farm Insurance on October $1,2023.$ The policy lasts $18$ months.Inventory LCMThe company has the policy of stating all inventory on hand at the lower of cost and net realizable value. The company uses the direct method for any adjustments to inventory.NOTE on the income statement use Cost of Goods Sold from the trial balance $-$ do not calculate the cost of goods sold.In the excel spreadsheet, see the tab Inventory Detail to perform any necessary calculations.Record Depreciation on assetsDepreciate the fixed assets according to the schedule. Depreciation is calculated on an annual basis.In the excel spreadsheet, see the tab Fixed Asset Details to perform any necessary calculationsTrade a vehicleOn December $31,2023($after depreciation was recorded$)$; the company traded the Toro lawn mower which was acquired on February $1,2021($asset #$2021-02)$ for a $2014$ Ford F$150.$ In addition to the trade, the company paid $$6,000$ cash for the new truck. The fair value of the Toro lawn mower on this date was $$18,000.$ Assume that this transaction HAS commercial substance. Once this new asset is purchased, do not depreciate it since it was purchased on the last day of the year.In the excel spreadsheet, see the tab Fixed Asset Details to perform any necessary calculations; and update the schedule as needed.Investments FV$-$OCIOn December $31,2023,$ the fair value per share of Hub Cap Company was $$11\mathrm{.}25$ per share. Aylmer decided to sell its shares in Hub Cap Company at that time $($sale was not recorded on the trial balance$).$ Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR$11-7$ in class.In the excel spreadsheet, see the tab FV$-$OCI Investments to perform any necessary calculations.Bank LoanThe loan for $$8,000,000$ was borrowed at January $1,2023.$ Interest on the bank loan is $2\mathrm{.}75\%$ annually. Interest has to be paid every January $2,$ so the first interest payment is due January $2,2024.$ No principal payments were made during the year. Of the bank loan, $$2,000,000$ is due June $30,2024$ with the remainder due June $30,2029.$Notes PayableThis is a short$-$term note. The company borrowed money from JRT Investments on October $31,2023$ for $3$ months. The principle, along with interest is to be repaid on January $31,2024.$ The interest rate is $1\mathrm{.}5\%.$Long$-$term contractsThe company uses the percentage of completion method for recording long$-$term contracts. The company has two long$-$term contracts with details below provided for one of the projects.Project $1-$ Downtown Hotel & Shopping CentreContract price is $$20,000,000.$Expected completion date is in $2025$In the excel spreadsheet, see the tab Revenue Recognition to perform any necessary calculations related to the revenue earned on this project. The other project has already been accounted for properly and the accounting for Project $1$s outstanding billings is already reflected in the unadjusted trial balance.Accrue wagesEmployees work Monday to Friday and employees are paid weekly. December $31,2023$ is a Thursday. Assume that hourly employees work $8$ hours per day and that there are $52$ weeks a year for salaried employees.In the excel spreadsheet, see the tab Payroll Details to perform any necessary calculations.Intangible AssetsAmortize the intangibles according to the schedule. Amortization is recorded on an annual basis. In the excel spreadsheet, see the tab Intangible Assets to perform any necessary calculationsDividendsOn December $31,2023$ a dividend of $$0\mathrm{.}70$ was declared to shareholders of record on January $10,2023$ to be paid January $29,2024.$Taxes To be ignored for this project REQUIRED:See the excel spreadsheet all information should be recorded using the excel template. Update tabs in excel as needed SHOW ALL WORK.Prepare journal entries for the above transactions.Post transactions to the worksheet and complete the worksheet.Prepare:Classified Statement of Financial PositionMulti$-$step income statementStatement of Retained EarningsNotes to the financial statements $($for the assets section of the Statement of Financial Position ONLY$).$Notes should include any reconciliation schedules or detailed schedules for assets.OTHER IMPORTANT INFORMATIONRound financial statements to the nearest dollar.Show ALL calculations.