Question: On 17 May 2023, Tunga was declared insolvent by the High Court of Zimbabwe and consequentially the company advised Aviator that they will be able

On 17 May 2023, Tunga was declared insolvent by the High Court of Zimbabwe and consequentially the company advised Aviator that they will be able to only pay 25% of the balance due before 5 January 2024. Note 2: Dividends On 1 October 2022, the board of Aviator held a meeting and agreed to declare a dividend of USD50 000 to its shareholders. On 20 May 2023, a dividend of USD50 000 was paid using cash. Based on Query 2, write a memorandum to management of Aviator classifying bankruptcy of Tunga and dividend payment as either adjusting or non-adjusting events as per IAS 10

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