You have been provided with an extract of the financial statements of IT Mania Ltd for the June 2023 year-end. IT Mania Ltd Statement of financial position as at 30 June 2023 Assets Non-current assets Cash and cash equivalents Equity and liabilities Share capital (2 300 000 Class A shares) Retained earnings Liabilities (non-current liabilities plus current liabilities) Rand 990 000 1 650 000 2 640 000 1 475 000 625 000 540 000 2 640 000 The directors of IT Mania Ltd passed a resolution on the 1st of May 2023 to repurchase 180 000 Class A shares at a maximum price of R4,55 per share. IT Mania Ltd placed an order in the market and was able to buy back 150 000 Class A shares on the 1st of June 2023 at an open market price of R4,20 per share. Prepare the relevant journal entries to account for the share buyback on 1 June 2023 in the records of IT Mania Ltd. Dates and narrations are not required for the journal entries. (8 marks) Prepare the Extract of the Statement of Financial Position for IT Mania Ltd as at 30 June 2023 after the share buyback. (5 marks) According to Section 48 of the Companies Act, No.71 of 2008, a company may repurchase its own shares. After the repurchase, the company must meet the solvency and liquidity requirements as set out in the Companies Act, No.71 of 2008. Discuss whether IT Mania Ltd meets the solvency and liquidity requirements after the share buyback. Provide supporting reasons / amounts for your answer. (4 marks)