To complete this activity, you will need to answer the question below, by writing your answer in a separate word document and uploading it as either word or pdf document using the submission link provided on MyUni by the due time. Question Black Ltd provides a range of cleaning services to commercial clients, including office cleaning. On 1 December 20X1, Black Ltd entered into a contract with White Ltd, to clean several of the office buildings managed by White Ltd for 6 months from 1 January 20X2 to 30 June 20X2 for a fee of $6,000. The contract required White Ltd to pay for the services in advance, and on 1 January 20X1, White Ltd paid $6,000 to Black Ltd. Required: 1. Identify the element of the financial statements that should be recognised by Black Ltd on 1 January 20X2 in addition to the increase in Cash at Bank. 2. Justify your answer by applying your knowledge of the Conceptual Framework's definition and recognition criteria of the elements of the financial statements to the facts of the case. Include references from the Conceptual Framework to support your answer where necessary