You have recently been appointed as the new junior accountant of FlyRight (Pty) Ltd, a new stateof-the-art South African airline that is focused on providing safe and reliable services flights. The company has a 30 June 2023 financial year-end. On 30 June 2023, FlyRight purchased their in-flight snacks for an amount of R558,000 cash. However, due to recent truck driver strikes, the goods will only be delivered on 14 July 2023. The senior accountant has correctly classified the goods as inventory that would ultimately form part of the cost of sales expense, when sold as the entity makes use of the perpetual inventory system. Required: Q.1 Discuss in terms of the Conceptual Framework for financial reporting, whether the payment of R558000 can be recognized as an asset in the financial statements of FlyRight (Pty) Ltd for the year ending 30 June 2023. Q.2 Briefly discuss how your answer in Q1 would change, if the payment was made on (5) 1 February 2023 and the goods were delivered on the same date. Clearly show the effect in the relevant financial statements, as well as the general journal entry that would be processed on 1 February 2023