Daniel Baker is a sole trader who provides architectures services to individuals and businesses. The business has been established for a number of years and Daniel has employed some architects as the business has grown. The following statements have been provided to you as part of the preparation of the financial statements for 30 June 2020. Required Identify five (5) errors from 2 statements below and provide recommendations as to how the errors can be corrected. Calculations are not necessary. (10 marks) Statement 1 Daniel Bakers Architecture Services As at 30 June 2020 Revenue $368,000 $1,120 Total Revenue 369,120 Less Expenses $2,460 $19,680 $19,230 $281,000 $9,300 $2,500 (334,170) 34,950 Daniel Bakers Architecture Services Calculation of Retained earnings For the year ended 30 June 2020 105,250 34,950 140,200 Sales Revenue Revenue received in advance Office supplies expense Depreciation expense Rent &utilities expense Wages and Salaries expense Advertising expense Drawings expense Total Expenses Statement 2 Daniel Bakers Capital - 1 July 2019 Add Profit for the year Daniel Bakers Capital - 30 June 2020