In this assignment, you will be provided with a set of raw financial transaction data for a hypothetical company, AsiaTech Solutions Pte. Ltd$.$ Your task is to classify the transactions, record them in the appropriate accounts and prepare an income statement. Additionally, you will include explanatory notes to detail the classification and treatment of key items AsiaTech Solutions Pte. Ltd$.$ is a mid$-$sized technology company based in Singapore, specialising in software development and IT consulting services. The company has experienced steady growth over the past few years and continues to expand its client base and service offerings. This raw financial data reflects AsiaTech Solutions$$ financial transactions for the fiscal year $2023.$ Transaction $1$: Sale of software licenses worth $$50,000$ on credit. Transaction $2$: Purchase of raw materials for software development worth $$20,000$ in cash. Transaction $3$: Payment of employee salaries totalling $$10,000.$ Transaction $4$: Depreciation expense for office equipment for the year is $$5,000.$ Transaction $5$: Interest income earned is $$1,000$ from short$-$term investments. Transaction $6$: Advertising expense paid in cash is $$2,000.$ Transaction $7$: Received $$5,000$ from a customer for a previous credit sale. Transaction $8$: Rent expense paid for office space is $$3,000.$ Transaction $9$: Utilities expense incurred but not yet paid is $$1,500.$ Transaction $10$: Income tax expense for the year is $$4,000.$ Tasks: $1)$ Transaction Classification: $-$ Review the raw financial transaction data provided. $-$ Classify each transaction into the appropriate account $($e$.$g$.$ revenue, expenses, etc.$).2)$ Income Statement Preparation: $-$ Using the classified transactions, prepare an income statement for AsiaTech Solutions Ltd$.$ for the fiscal year $2023.-$ Ensure all revenue and expense accounts are accurately reflected. $3)$ Explanatory Notes $-$ Provide notes explaining the classification and treatment of key items. $-$ Justify any assumptions or decisions made during the classification process.