a) Distinguish between piecemeal realization and distribution and maximum possible loss method. (8 Marks) b) Briefly describe the important types of royalties. 16 Marks) On June 1, 2014, Nyamoko purchased goods valued at Kshs 7,800 from Mwema and on the same date she accepted a three month bill for Kshs. 7,700 in full settlement of the debt. On the same date it was endorsed by Mwema to Grace in full settlement of a debt of Ksh. 8,000 due from her to Grace. Grace immediately discounted the bill for Kshs. 7,600. On the due date, the bill was dishonoured, and the noting charges incurred by the banker amounted to Kshs. 100, but the bill was taken over by Mwema on dishonore, the bank was paid by Mwema Required; Journalize the above transactions in the books of Mwema. (10 Marks) d) Briefly explain the following terms; 1) Functional currency ii) Presentation currency. iii) Exchange difference. iv) Foreign operation (2 Marks Each)