Today is Tuesday, January 30, 2024. You are part of the audit team conducting the year-end audit for the Mont Tremblant Adventure Company (MTAC) for the year ended December 31, 2023. Throughout the audit, there were several issues were identified. Assume that all dollar amo\ 1. MTAC's draft year-end financial statements show $156,250 in inventory for fresh fruit and vegetables as of December 31, 2023. On January 15, 2024, it was discovered that the company that provides MTAC with their fresh produce had a salmonela outbreak and was contaminated. Samples from the year-end inventory show that 50% of the produce was contaminated and is not suitable to serve at the resorts. \ 2. On January 10, 2025, one of the MTAC's passenger vans was destroyed in an accident and was written off by their insurance provider. The van has a value of $55,000 on the books of MTAC as of December 31, 2023. \ 3. In September 2023, MTAC purchased 1,500 shares of Royal Bank of Canada for $120.00 per share. Royal Bank is publicly-traded on the Toronto Stock Exchange and share prices are available on a daily basis. The share price on December 31, 2023 was $115.00 and as of January 30, 2024, the share price has declined further to $105.00 per share. \ 4. You noted that the closing cash balance in MTAC's bank account on January 30, 2024 was $25,900, much lower than the $75,860 shown on the draft financial statements at December 31, 2023. \ 5. At December 31, 2023, MTAC had a balance in their Accounts Receivable for $15,XXX from Nova Scotia Power Ltd., a corporate client that hosts frequent events at MTAC's resorts. On January 20, 2024, MTAC learned that Nova Scotia Power filed for bankruptcy and the balance is unlikely to be recovered. \ 6. In January 5, 2024, a guest at one of MTAC's resorts slipped and fell, and threatened to sue the company. \ \ REQUIRED: \ \ Using the table below, identify the accounting treatment that would be most appropriate for each of the issues described above, and explan why that is the appropriate treatment. (18 marks)\ \ \ \