Wolszczak Ltd has issued convertible notes under an agreement to maintain net assets, defined in the agreement as assets minus all liabilities except the convertible notes, at an amount not less than 2 times the amount of the convertible notes. Also under the agreement, working capital is to be maintained at not less than 100% of the convertible notes issued. Certain financial information for Wolszczak Ltd is presented below: Wolszczak Lad had recorded as at 30 June 2012. $160,000 of collections from its customers that were not received until 2 July 2012 on the basis that such collections were probably in the mail before midnight on 30 June 2012. In the afternoon of 2 July 2012. Wolsczak Ltd issued cheques to its creditors, dating and recording the cheques at 30 2012. The cheques amounted to $160,000, which is equal to the collections in transit. Wolszczak Ltd is considering a 1-day extension on the due date of the loan payable to July 2013. Contrast, by means of comparative ratios, the reported conditions with those that you believe more appropriately represent the financial position of the company. Limit your comparison to the convertible note holders agreement. Has the company met the conditions of the agreement? Explain