Your supervisor has requested your assistance with the preparation & drafting of the Financial Reports of Suntory Ltd for the period ending 30 June, 2020. The company uses periodic inventory system. All sales of goods of Suntory Ltd. are on a credit basis. The Unadjusted Trial Balance of Suntory Ltd., as at 30 June 2020 shows the following ledger account balances: SUNTORY LTD Unadjusted Trial Balance as at 30 June 2020 Account Debit Credite $1 340 000 10 000 92 000- 40 000 220 000 400 000 $204 000- 800 000 140 000 100 000 109 9004 2 000 Share capital First Call Retained earings Accounts payable Bank overdraft (current) Mortgage payable Land Buildings Accumulated depreciation - buildings Motor Vehicles Accounts receivable Provision for doubtful debts Inventory (1 July 2019) Investments Sales Interest revenue Sales returns & allowances Purchases Freight inwards Salaries Directors Fees Commission expense Interest expense Delivery expense General expenses 300 000- 800 000 504 000 35 000 5 000 261 000 3 000 93 800 6 000- 2 000 20 000 4 000- 54 300 $2 773 000 $2 773 000 PARTA Your first task is to prepare General Journal entries using the template provided to record the following required adjustments at 30 June, 2020; Suntory Ltd transactions during 2019/2020: Write off bad debts for the period ending 30 June, 2020 SI 925 Record income tax expense and current tax liability of S18 000. Declare a final dividend, 530 000. No ratification of this dividend is needed. An amount of $20 000 is to be transferred to a general reserve from retained earnings.- . L Suntory Ltd's end of financial year adjustments: Provide for annual depreciation charges at 5% p.a. on cost of buildings for the whole year. Motor vehicles were purchased on March 1, 2020. Provide for the partial year depreciation charge using the following information; 1. Cost $100 000 2. Residual value $10 000 3. Useful life 5 years 4. Sum of the years digits depreciation method is to be used. Record the estimated Bad debts expense of 0.5% for the year ending 30 June, 2020 based on the percentage of net credit sales method. (NB; All Suntory Ltd. sales are on a credit basis) PART A- Adjusting entries Note: No adjusting entry is made for beginning and ending inventory. Under the periodic inventory system, these items would be amended as part of closing entries. . GENERAL JOURNAL SUNTORY LTD DR CR 2020 June 30e de ee de de de tot de le He 40 se ce L PART Be Your next task is to prepare a detailed Classified Income Statement for the period ending 30 June, 2020 with reference to the General Journal adjustments in Part A. SUNTORY LTD Income Statement- for the year ended 30 June 2020 e de de de e de le le titititititi ttt