The following information was extracted from the draft financial statements of Play Times (Pty) Ltd at 30 September 20X3. The company is a manufacturer and recently entered the export market. Note 20X3 20X2 Long-term liabilities 2 2 000 000 200 000 Trade receivables 1 500 000 800 000 NOTE: 2. The long-term loan of R2 000 000 is unsecured and is repayable in four equal annual installments commencing 1 September 20X4. The loan bears interest at 14% p.a. payable six-monthly in arrears. You ascertain that the loan was made in March 20X3 by Merchants Ltd, a merchant bank. YOU ARE REQUIRED TO: i. Detail the audit procedures you would carry out in order to ensure that long-term liabilities have been fairly stated in the financial statements of your client at 30 September 20X3. (20) ii. State the audit procedures you would have performed to satisfy yourself of the valuation assertion in regard to trade receivables.