The following represents information that was extracted from the books of Cool Out Social Club, a non-profit organization. The assets and liabilities of the club at the beginning of the year are as follows: January 1, 2012Equipment2,500,000Subscriptions in arrears200,000Subscriptions in advance130,000Creditors for bar stocks350,000Stock of Journals 850,000Bar Stocks800,000Rent Owing150,000Electricity Owing105,000Cash Balance (favourable)621,274 The receipts and payments for the period ending December 31, 2012 are as follows: Details $ Receipts Members Subscriptions 2,354,478 Sale of barbecue tickets 623,274 Refreshments 454,079 Other activities 1,238,595 Sale of journals 2,899,949 Payments Purchase of office furniture 178,000 Rent 600,000 Stationery 125,000 Electricity 1,094,573 Printing 228,439 Purchase of journals 1,379,053 Cost of barbecue tickets and prizes 300,073 Purchase of Refreshments 229,240 Stipend paid for accounting work 449,100 Notes: (i) Closing stock of journals were valued at $600,000. (ii) $50,000 was pre-paid for rent as at December 31, 2012. (iii) $25,494 was outstanding for electricity as at December 31, 2012. Required: a. What is the Accumulated Funds as at January 1, 2012? b. At the end of 2012, what do you think the cash balance is? c. At the end of 2012, what is the gross profit/loss for the club? d. At the end of 2012, what is the amount of surplus/deficit for the club?