The Profit and Loss Statement, also called the Statement of Financial Performance or the Income Statement, is an important external reporting tool. It provides valuable information to a range of stakeholders (both internal and external) for a range of decision making and accountability needs. Reflect on our lectures on the Profit and Loss Statements and answer the questions below. Required: Approximate word count for comprehensive answer: 300-400 (a) Do all entities in New Zealand have to prepare a Profit and Loss Statement? (5 marks) (b) For each of the following stakeholders, provide ONE example of how they could use the Profit and Loss Statement to make decisions and/or hold an organisation accountable. 1. (Non-management) employee 2. Inland Revenue Department (IRD) 3. Customer 4. Bank 5. Local iwi (10 marks) (c) Shown below is Rosebud Limited's financial accounting information for the year ended 30 June 2021. Using this information prepare the Profit and Loss statement. Account Insurance Expense $ 600 Maintenance Expense 300 Miscellaneous Expense 400 Professional Fees Expense 300 Rent Expense 900 Salaries Expense 1,900 Telephone Expense 250 Travel Expense 600 Service Revenue 8,000 (15 marks)